Gold was trading above Rs 47,000 in the Indian market on May 3 supported by a muted dollar ahead of a string of US data. Silver, too, was up Rs 481 or 0.70 percent, at Rs 68,847 a kg.
On MCX, June gold futures were up by Rs 317, or 0.68 percent, at Rs 47,054 per 10 grams at 10:20 hours. The yellow metal price hit an intraday high of Rs 47,067 after opening at Rs 46,921.
Gold was trading at $1,774 a troy ounce in the international market, rising $6.30 or 0.36 percent.
"Gold prices ticked up on Monday, supported by a muted dollar ahead of a series of US data. US Treasury Secretary Janet Yellen on Sunday tamped down concerns that President Joe Biden's plans for infrastructure, jobs and families will cause inflation, saying the spending will be phased in over a decade," Gnanasekar Thiagarajan, Director at Commtrendz Research told Moneycontrol.
The dollar index, which measures the value of the US currency against a basket of the world's six major currencies, traded at 91.338, up 0.07 percent.
"US consumer spending rebounded in March amid a surge in income as households received additional COVID-19 pandemic relief money from the government. China's gold consumption soared 93.9 percent in the first three months from the same quarter a year earlier, the China Gold Association said on Friday," he said.
The focus would shift to the weekly jobless claim figures on May 6 ahead of the NFP numbers a day later, Thiagarajan said. He expects non-farm payroll figures and the unemployment rate to be the main area of focus late in the week.
On the monetary policy front, Federal Reserve Chair Jerome Powell is scheduled to speak early in the week. The markets will be looking for any break from the script.
Technically, the monthly chart shows a positive price action, hinting at the revival of an uptrend but the weekly price action is a bit discouraging, Thiagarajan said.
The gold price could stay below Rs 47,325 and fall to Rs 45,735. "It must rise above Rs 47,630 to suggest that it could rise further towards Rs 48,250 or towards Rs 49,700 per 10 grams," he said.
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MCX July silver futures were trading at Rs 68,847 per kg, rising by Rs 481 or 0.70 percent, at 1020 hours. It touched an intraday high of Rs 68,927 and low of Rs 68,718 after opening at Rs 68,807.
"Silver prices are expected to edge higher towards Rs 70,320-70,600 per kg and a break above could take it even higher towards Rs 71,540. However, an unexpected fall below Rs 67,030) could turn the picture weak again," Thiagarajan said.
In the international market, silver futures climbed 0.65 percent to $26.04 an ounce. It could edge higher towards $26.55-26.65 and a break above could take it even higher towards $27.00, whereas the fall below $25.30 could turn the picture weak again," he said.Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.