Gold rate today: Yellow metal inches higher; target Rs 49,500, say analysts

Gold rate today: Yellow metal inches higher; target Rs 49,500, say analysts

NEW DELHI: Gold futures were trading with gains on Monday helped by a soft dollar ahead of the US Federal Reserve policy meeting this week and amid rising covid threat in India. Silver futures were flat.

The dollar index nursed losses against its rivals, making gold less expensive for other currency holders.

Gold futures on MCX were up 0.11 per cent or Rs 52 at Rs 47,584 per 10 grams. Silver futures dropped by 0.01 per cent or Rs 9 to Rs 68,665 per kg.

In the spot market, the price of gold was marginally lower by Rs 24 to Rs 47,273 per 10 gram in the national capital on Friday. Silver also declined Rs 909 to Rs 68,062 per kg.

Trading strategy

“As per our last week’s view, MCX Gold prices traded in a positive zone for the whole week. Prices are holding above the 100 EMA level on the daily chart which is now placed near Rs 47,200 level. Any dip in the prices can be viewed as a buying opportunity. Buy MCX gold (Jun) in the range of Rs 47,700 to Rs 47,900 for the target of Rs 49,000/49,500 with a stop loss below Rs 47,000,” said NS Ramaswamy, Head of Commodities, Ventura Securities.

“We expect gold prices to trade sideways to up for the day with COMEX gold support at $1,760 and resistance at $1,800 per ounce. MCX Gold June support lies at Rs 47,200 and resistance at Rs 47,900 per 10 gram,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

Global markets

Spot gold was up 0.1 per cent at $1,779.36 per ounce by 0127 GMT. US gold futures rose 0.1 per cent to $1,780.10 per ounce.

India’s physical gold demand faltered last week as strict restrictions to contain the spread of Covid-19 kept buyers away. Zimbabwe’s gold production fell 30 per cent to 3.98 tonnes in the first quarter of this year, central bank data showed.

Palladium was up 0.1 per cent at $2,857.01 per ounce. It hit a record high of $2,925.14 on Friday. Silver rose 0.2 per cent to $26.04 per ounce. Platinum was up 0.3 per cent at $1,233.48.

About Author

Related posts