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Gold Prices Today: Despite strong dollar, yellow metal to stay firm on the back of inflation worries, recession fears

"Gold has support at Rs 50,640–50,410, while resistance is at Rs51,180–51,350. Silver has support at Rs 61,080-61,550, while resistance is at Rs 62,680–63,110," said Rahul Kalantri, VP Commodities, Mehta Equities.

June 02, 2022 / 09:56 AM IST
Gold, Gold Prices

Gold, Gold Prices

Gold held its ground on Thursday in the international markets, supported by lower US Treasury yields, after mounting concerns over stubborn inflation worldwide helped prices rebound from their lowest level in two weeks in the previous session. Spot gold was steady at $1,847.49 per ounce, as of 0036 GMT. US gold futures were up 0.2 percent to $1,851.40.

At 9.48 am, gold contracts were trading 0.2 percent higher at Rs 50,892 for 10 grams on the Multi-Commodity Exchange (MCX), while silver shed 0.26 percent at Rs 61,422 a kilogram.

Gold prices traded weak on Thursday with spot gold prices at COMEX were trading marginal down near $1844 per ounce in the morning trade. Gold prices capped upside on stronger dollar after recovering on Wednesday. The inflation worries and recession fears may keep gold prices firm on safe haven buying despite of stronger dollar, said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

"We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1830 and resistance at $1860 per ounce. MCX Gold August futures support lies at Rs 50600 and resistance at Rs 51200 per 10 gram," he said.

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Trading Strategy

Rahul Kalantri, VP Commodities, Mehta Equities:

Gold and silver prices on June 1 settled on a slightly positive note after a high volatility session. Gold prices bounced from multi-day lows under $1830 to the $1850 area in evening session despite higher US yields. Silver rose by 1.45 percent, erasing most of Tuesday’s losses. Gold and Silver hold near daily highs even as Wall Street extends losses and as the US dollar strengthens.

Wednesday’s rally in metal could turn into a reversal if gold manages to break and hold above $1850 and silver does the same with $22.00. Gold has support at $1834-1822, while resistance at $1858-1870. Silver has support at $21.55-21.40, while resistance is at $22.10-22.35. In rupee terms gold has support at Rs 50,640–50,410, while resistance is at Rs51,180–51,350. Silver has support at Rs 61,080-61,550, while resistance is at Rs 62,680–63,110.

Ravi Singh - Vice President and Head of Research - ShareIndia

Gold may remain sideways to down this week on cues of stronger dollar and treasury yields. The ease in lockdown and reopening of economic activities in China also pressured yellow metal down.

Buy zone above Rs 51000 for target of Rs 51300

Sell zone below Rs 50700 for target of Rs 50500

Amit Khare, AVP- Research Commodities, Ganganagar Commodity

Gold and silver showed upside movement on June 1. On the Multi-Commodity Exchange (MCX), August gold contracts closed up by 0.04 percent at Rs 50,865 for 10 grams. July contract silver futures closed at Rs 61,580 a kilogram, up 0.74 percent up. As per technical chart, gold and silver are making bottom, we can see a good upside movement in coming future, momentum indicator RSI is also indicating the same on the hourly as well as daily chart, so traders are advised to create fresh buy positions near given support levels. Traders should focus important technical levels.

August Gold closing price Rs 50865, Support 1 - Rs 50700, Support 2 - Rs 50550, Resistance 1 - Rs 51000, Resistance 2 - Rs 51200.

July Silver closing price Rs 61580, Support 1 - Rs 61200, Support 2 - Rs 60800, Resistance 1 - Rs 61900, Resistance 2 - Rs 62300.

Disclaimer: The views and investment tips expressed by experts on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.​
Sandip Das
first published: Jun 2, 2022 09:56 am
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