Gold prices edged lower on Friday amid a rise in the US dollar index (DXY). That said, the prices hovered close to all-time high levels.
On MCX, April Gold futures were trading at Rs 59,480 in early trade, down Rs 85 per 10 grams or 0.14%. May Silver futures were trading Rs 112 or 0.16% lower at Rs 70,100 per kg.
Comex Gold was trading at $1,992.80 per ounce, down by $3.10 or 0.16% while silver was trading at $23.170, down by $0.086 or 0.37%. The dollar index was hovering around 102.308, up by 0.10%.
Bullion has gained nearly 0.3% so far in the week, after the Fed hinted it might pause further increases in borrowing costs after the recent collapse of two US banks, Reuters reported.
On Thursday, gold futures ended at Rs 59,591 and gained Rs 835 per 10 grams while silver futures were dearer by Rs 931 per kg at Rs 70,240. They are trading at their 7-week high levels.
Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities, sees a buying opportunity in gold and silver futures. Gupta said that gold futures have gained 8.40% on a year-to-date (YTD) basis and 5.07% on a month-to-date basis. Silver futures have gained 6.04% in March while recovering all their YTD losses. The change is now positive at 1.25%, the IIFL Securities analyst said.
Intraday Trading Strategy by Anuj Gupta
- Buy MCX April Gold futures at Rs 59,300 with a stop loss of Rs 59,050 and price target of Rs 59,900.
- Buy MCX May Silver futures at Rs 69,800 with a stop loss of Rs 69,250and price target of Rs 71,000.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)