While the Dollar Index (DXY) slipped to a four-day low, breaching the 104 mark against a basket of six top currencies, gold still traded lacklustre on Friday. Traders preferred to hold their bets on the yellow metal ahead of the US Federal Reserve’s Federal Open Market Committee (FOMC) meeting, scheduled for next week.

The August Gold futures were trading flat at Rs 59,895 per 10 grams though the bias was positive. Meanwhile, July Silver futures were trading at Rs 74,036 per kg and were higher by Rs 366 or 0.50% from last close.

On the Comex, gold futures were trading at $1,979.30 per troy ounce and were up by $0.70 or 0.04% while Silver futures were trading at $24.520 per troy ounce. It was up by $0.172 or 0.71%.

Rahul Kalantri, Vice President Commodities at Mehta Equities expects gold to remain volatile.

He sees support in MCX Gold futures at Rs 59,760 – Rs 59,580 while resistance at Rs 60,120 – Rs 60,270. As for silver futures, support is seen at Rs 73,280 – Rs 72,720 while resistance is at Rs 74,340 – Rs 74,720, he said.

Gold futures on the MCX have declined by 0.51% or Rs 307 per 10 grams in June so far, Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities said. They are up by 6.13% or Rs 4,257 on a year-to-date basis, he said. Meanwhile, silver futures have gained nearly Rs 1,568 or 2.17% in value terms in June while they are up 6.13% or Rs 4,257 on a YTD basis, Gupta added.
Gupta said that the price of physical gold in Delhi and Ahmedabad is around Rs 61,000 per 10 grams while that of silver is Rs 74,150 per kg, Gupta of IIFL Securities said. Know more here.Intraday Trading Strategy by Anuj Gupta

– Buy MCX August Gold futures at Rs 59,700 with a stop loss of Rs 59,450 and price target of Rs 60,300

– Buy MCX July Silver futures at Rs 73,200 with a stop loss of Rs 72,650 and price target of Rs 74,500.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)