The price of physical gold in Delhi is around Rs 60,800 per 10 grams, while that of silver is Rs 73,000 per kg, Anuj Gupta, Vice President, Commodity and Currency Research at IIFL Securities said. In Ahmedabad, 10 grams of gold is available at around Rs 60,300 while 1 kg of silver is priced at Rs 73,100, he added.Prices could come down to Rs 59,000 per 10 grams in gold while Silver prices could fall to Rs 68,000 per kg, Gupta further said.
Trading Bets
MCX June Gold futures ended at Rs 59,372, down Rs 88 or 0.15% from the Thursday closing price. Meanwhile, the July Silver futures settled at Rs 71,291, up by Rs 1,049 or 1.49%.
On the Comex, gold futures ended at $1,946.10, up by $2.40 or 0.12% while Silver futures finished at $23.445, up by $0.535 or 2.34%.
Gold is taking cues from the developments around the US debt ceiling crisis which is likely to get resolved soon, Gupta said.
US economic resilience will force the US Federal Reserve to keep rates higher for longer though in the latest Fed minutes the Central Bank has indicated that it may consider keeping interest rates unchanged, the IIFL Securities analyst said.
"For a very short term we are recommending sell on Gold and silver futures on the MCX," Gupta said. He sees support in June Gold futures at Rs 58,800 - Rs 59,400 and resistance at Rs 60,000 - Rs 60,400.
As on Comex, Gold futures have support at $1920 - $1890, while resistance at $1960 - $1980, Gupta said.
(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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