The bullion trend is expected to remain mixed over the next week, albeit with a downward bias, said expert Anuj Gupta, IIFL vice president (VP) of commodity and currency research. He further said that the US Federal Reserve’s comments on interest rates have not yet been fully accounted for by the markets and that could keep gold and silver prices in an uncertain zone.
The yellow metal fell more than 1 percent on Wednesday after the US Federal Reserve indicated a double increase in interest rates for 2023. This news was not well received by the bullion market, as prices fell. abruptly.
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As for domestic prices, although the international price could undergo a correction, the strength of the US dollar may not allow bullion to slip appreciably here, he said. “We may see prices hold up in physical markets,” he added.
Spot gold was down 0.61 percent to $ 1,762.63 an ounce, and prices were down about 5.7 percent for the week. US gold futures closed 0.3% lower at $ 1,769 an ounce, Reuters reported.
MCX Gold perspective
On Friday, MCX August Gold Futures closed at Rs 46,800 per 10g, becoming cheaper at Rs 158 or almost 0.34 percent from the last closing price on Thursday. Your strategy for the week will be to sell gold futures. He recommended selling at 47,500 rupees. Puts the stop loss at Rs 48,000. It puts the target price at Rs 46,500.
MCX Silver Outlook
Meanwhile, MCX’s July silver futures ended at Rs 67,580 per kg on Friday, Rs 19 less than the last closing price on Thursday. He recommended selling at Rs 68,500. It puts the stop loss at Rs 69,500, while the target price is Rs 66,000.
Gold and silver price in Dubai
As for prices in Dubai, 24k gold was trading at AED 213.75 (Rs 4,314.69) per gram, while 22k was trading at AED 200.75 (Rs 4,052.28). This information has been obtained from the Dubai Gold & Jewelery Group (DGJG) website. The website claims that the DGJG is the largest trade body for Dubai’s jewelry industry (DGJG).