Gold Rate Today: Strong US dollar weighs on gold. Check price of yellow metal in Delhi, Ahmedabad and other Indian cities

Bullion slipped in Tuesday's early trade, after a strong rally in the previous session, dragged by firmness in the dollar index (DXY), which shot up above the 102 mark.

The October gold futures were trading at Rs 59,879 per 10 grams on the MCX in the opening trade, down by Rs 203 or 0.34% from Monday's closing price. Meanwhile, September Silver futures were trading at Rs 75,095 per kg, lower by Rs 332 or 0.44%. Track prices here

MCX Gold ended up by 0.52% on Monday, while silver futures went up by 1.83% or Rs 1,352.

On the Comex, gold futures were trading at $1,998.10 per troy ounce on Tuesday, down by $11.10 or 0.55% while silver futures were trading at $24.775, lower by $0.197 or 0.790%.

For the day's trade, Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL) Broking finds bullion’s daily charts to be attractive and expects an upside movement in the near term. "Momentum indicator RSI indicates the same so traders are advised to make fresh buy positions in Gold and Silver near the given support level," he said.

Khare sees support in Gold October futures at Rs 59,800 - Rs 59,500 and resistance at Rs 60,100 - Rs 60,300. As for September Silver futures, support is seen at Rs 74,700 - Rs 74,000 and resistance at Rs 75,500 - Rs 76,000, he said.

Gold futures on the MCX have gained 2.09% or Rs 1,216 per 10 grams on a month-to-date basis, IIFL Research analyst Anuj Gupta said. They are up by 8.02% or Rs 4,410 on a year-to-date basis, he added. Meanwhile, silver futures have gained nearly by Rs 4,029 or 5.75% per kg in value terms in July while gaining by 6.69% or Rs 4,646 on the YTD basis, the commodity and currency analyst said.

The price of physical gold in bullion markets in Delhi-NCR is around Rs 61,500 per 10 grams while that of Silver is Rs 77,200 per kg, Gupta said. Click to know more

Intraday Trading Strategy by Anuj Gupta
– Buy MCX October Gold futures at Rs 59,800 with a stop loss of Rs 59,500 and price target of Rs 60,500

– Buy MCX September Silver futures at Rs 75,000 with a stop loss of Rs 74,300 and price target of Rs 76,200.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)