Gold Price Today 8 September 2022: As expected, the European Central Bank (ECB) today hiked the interest rates by 75 bps, its largest ever hike. This is expected to help the cause of bullion furher. The DXY was trading at 109.53 and was down by 0.27 per cent around 6:30 pm. Euro is expected to get stronger against the USD, and could result in further correction, commodity and currency expert Anuj Gupta said.
MCX October Gold futures were trading nearly flat around 6 pm on Thursday. They were up by Rs 27 from the Wednesday closing price and trading at Rs 50533 per 10 gram. Meanwhile, December Silver futures were trading at Rs 54305 per kg and were up by Rs 278 or 0.51 per cent. Softening in US Dollar Index (DXY) and Bond Yields negated some weakness in the yellow metal.
His advice to investors is to buy Gold and Silver Futures.
Buy October Gold futures at Rs 50500, with a stop loss of Rs 50250 and target price of Rs 51000. As for MCX Silver futures, buying is recommended at Rs 54000 with a stop loss of Rs 53400 and price target of Rs 55000.
Another factor that is lending strength to the Gold prices in the domestic markets is the demand for physical gold, Gupta said. The prices are expected to remain firm as we head to the festive season.
Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)