. Gold rate today: Yellow metal eyes Rs 47,000/10 gm mark, silver gains by Rs 400 - Trade FX, CFD, Stocks, BTC, Indices, Gold & Oil - 1:1000 Leverage & Bonus - CSFX

Gold rate today: Yellow metal eyes Rs 47,000/10 gm mark, silver gains by Rs 400

Gold rate today: Yellow metal eyes Rs 47,000/10 gm mark, silver gains by Rs 400

03 May 2021

NEW DELHI: Gold and silver futures prices ticked up on Monday, supported by a muted dollar ahead of the release of a series of US data and the deepening of the coronavirus pandemic in India.

The dollar index was down 0.1 per cent against its rivals, making gold less expensive for other currency holders. Meanwhile, there were speculations that a lockdown may be imposed in India to curb the spread of the virus.

Gold futures on MCX were up 0.49 per cent or Rs 231 at Rs 46,968 per 10 grams. Silver futures rose 0.57 per cent or Rs 392 to Rs 68,758 per kg.

“Gold is choppy as Fed’s dovish stance is countered by increasing optimism about the US economy and this has led to volatility in US dollar and bond yields. Concerns about rising virus cases, mixed economic data and hopes of additional stimulus measures are countered by concerns about India’s consumer demand and continuing ETF outflows,” said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

“Gold may remain choppy unless there is a clear trend in the US dollar however buying interest may emerge at lower amid increasing emphasis on keeping the interest rate low.”

Physical gold in India was sold at a discount last week for the first time in 2021 as a spike in coronavirus cases prompted strict restrictions and kept buyers away. In the spot market, gold of the highest purity was sold at Rs 46,791 per 10 grams while silver was priced at Rs 67,800 per kilogram on Friday, according to the Indian Bullion and Jewellers Association.

Trading strategy

“We expect gold prices to trade sideways to down for the day with COMEX gold support at $1,755 and resistance at $1790 per ounce. MCX Gold June futures support lies at Rs 46,500 and resistance at Rs 47,200 per 10 gram,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

Global markets

Spot gold was up 0.1 per cent at $1,770.66 per ounce by 0119 GMT. US gold futures rose 0.2 per cent to $1,770.30 per ounce.

China’s gold consumption soared 93.9 per cent in the first three months from the same quarter a year earlier, the China Gold Association said on Friday.

Palladium rose 0.3 per cent to $2,944.19 per ounce, after scaling an all-time high of $3,007.73 per ounce on Friday. Silver was steady at $25.90 per ounce. Platinum was up 0.3 per cent at $1,202.17.