Gold Price Today: Yellow metal slips off lifetime high; should you buy or wait for further correction?
The dollar index regained some strength and was hovering above the 102 level against a basket of six major currencies.
While the June gold futures were trading at Rs 60,622 per 10 grams, down Rs 234 or 0.38%, the May silver futures were at Rs 74,285 per kg in the opening trade, shedding Rs 270 or 0.36% over the last close.
The outlook for gold remains positive and the correction is on account of profit-booking by investors ahead of the MPC announcement, Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities, said.
The June Gold futures hit an all-time high of Rs 61,181 per 10 grams on the MCX before settling at Rs 60,954, down Rs 100 or 0.16% on Wednesday. Meanwhile, Silver futures hit their highest level (Rs 75,175 ) in 32 months on the intraday basis before closing with minor losses of Rs 38 per kg at Rs 74,618.
Gold futures have yielded gains of 10.61% or Rs 5,839 per 10 grams on a year-to-date (YTD) basis while returning 2.09% or Rs 1,244 in April so far. As for silver futures, YTD gains are at 7.41% or Rs 5,141 while the month-to-date gains stand at 3.24% or Rs 2,337.
Intraday Trading Strategy by Anuj Gupta
While spelling out the day’s trading strategy, Gupta advised investors to keep the near-term view on the buy side. He sees gold prices hitting the Rs 62,000 mark in April.
- Buy MCX June Gold futures at Rs 60,500 with a stop loss of Rs 6,0150 and price target of Rs 61,200.
- Buy MCX May Silver futures at Rs 73,800 with a stop loss of Rs 73,000 and price target of Rs 75,000.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
