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Gold, Silver Prices Today, September 8: In Delhi, the gold price stood at Rs 55,150 per 10 grams for 22-carat purity and that of 24-carat at Rs 60,150
After a strong rally, crude oil futures are witnessing some profit-booking at higher levels, but the overall trend remains positive, and a buy-on-dips strategy is recommended, analyst Anuj Gupta, Head Commodity & Currency at HDFC Securities, told ETMarkets. He suggests a buy at Rs 7,050 with a stop loss of Rs 6,950 and a target of Rs 7,300.
Since most of the Fed members are concerned about inflation, the possible next move by the US Fed might be to raise interest rates further which will lead to a stronger dollar and in turn fall in commodities including crude oil.
In Delhi, the price of 24-carat gold stood at Rs 59,120 per 10 grams (Rs 59,220 yesterday) and 22-carat gold was selling at Rs 54,200 (Rs 54,300) per 10 grams
Gold prices rebounded from a two-month low as the dollar index fell below 103 due to mixed US economic data and the Federal Reserve's hawkish pause on interest rates. Gold futures on the MCX declined 1.48% or Rs 892 per 10 grams in June but were up 7.97% or Rs 4,383 YTD basis, while silver futures were up nearly 10 or 0.01% in value terms in June, but 3.98% or Rs 2,760 YTD basis. The price of physical gold in Delhi and Ahmedabad stood at Rs 61,300 per 10 grams, while silver was at Rs 75,000 per kg.