MCX Gold futures can rally to Rs 53,150; Silver likely to decline further

Gold futures are likely to trade with a bullish bias as long as they hold above Rs 51,535 in the entire month of July; Silver futures could decline towards Rs 53,850.

The MCX Gold futures logged strong gains on Friday after the government in a surprise move hiked basic Customs duty on gold by 5 per cent. 

This is the sharpest increase in the import duty on gold by the government, and experts believe this may extend the slack season for Gold. READ MORE

Gold

Bias: Marginally Positive

Last Close: Rs 51,950

Upside Target: Rs 53,150

Key Support: Rs 51,535

The MCX Gold futures, which, were seen trading with a negative bias for most part of the week, witnessed a sharp 2.8 per cent rally on Friday following the duty hike. 

In the process, gold futures managed