Gold Price Today: Yellow metal slips off lifetime high; should you buy or wait for further correction?


After hitting fresh lifetime highs for two successive sessions, yellow metal prices softened on MCX on Thursday amid the strength in the dollar index (DXY) coupled with some profit booking by investors.

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)



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