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Gold Prices Today: Yellow metal to edge higher as dollar takes a backseat; resistance around Rs 51,300

Gold may remain sideways to up where it has resistance at Rs 51300 with support at Rs 50700. Silver has resistance at Rs 63000 and support at Rs 62000, said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.

May 30, 2022 / 10:02 AM IST
Representative Image

Representative Image


Gold prices firmed up in choppy trading on Monday in international markets, as a weakening dollar buoyed greenback-priced bullion, although gains were capped by some investors turning to riskier assets in Asia. Spot gold was up 0.2% at $1,856.86 per ounce as of 0152 GMT. US gold futures edged 0.1% higher to $1,859.40.

At 9:54am, gold contracts were up 0.18 percent at Rs 51,005 for 10 gram on the Multi-Commodity Exchange (MCX) while silver gained 0.46 percent at Rs 62,399 a kilogram.

On Comex, gold prices recovered from lower levels in the previous session holding the support level of $1845 where they may test resistance level of $1870 supported by the slight cool-off in the dollar index. Technically, on MCX, in today's trading session gold may remain sideways to up where it has resistance at Rs 51300 with support at Rs 50700. Silver has resistance at Rs 63000 and support at Rs 62000, said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.

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Tapan Patel, Senior Analyst (Commodities), HDFC Securities:

Gold prices traded firm on Monday with spot rates at Comex trading near $1859 per ounce in morning. Prices extended gains following weaker dollar and subdued US bond yields. The dollar index was trading 0.15% down near 101.54 while 10 year US Treasury yields fell 0.21% to 2.74% in the morning trade. The US markets will be closed on Monday on Memorial Day holiday.

We expect gold prices to trade sideways to up for the day with Comex spot gold support at $1840 and resistance at $1870 per ounce. MCX gold June support lies at Rs 50600 and resistance at Rs 51300 per 10 gram.

Rahul Kalantri, VP Commodities, Mehta Equities

The last two weeks have been bullish for gold and silver, a stark difference from the first week of May where bullion fell more than expected. This is partly due to the US dollar finally taking a breather in its first signs of weakness this year. If the US dollar continues to fall then we might see this as the beginning of another uptrend for gold.

Gold and silver could be seen reversing their trends, with bullion trying to break into the upside in morning trades by hovering above their resistance levels. In this week, the key thing to watch will be gold ending above $1867 and silver closing above $22.40.

Gold has support at $1838-1824, while resistance is at $1862-1874. Silver has support at $21.72-21.48, while resistance is at $22.30-22.55. In rupee terms gold has support at Rs 50,740–50,510, while resistance is at Rs 51,180–51,350. Silver has support at Rs 61,180-61,650, while resistance is at Rs 62,680–63,110.

Ravi Singh - Vice President and Head of Research - ShareIndia

Gold may witness lower liquidity and rangebound trade on account of holiday in the US. The recent poor performance in equity market and falling China demand have affected gold prices.

Buy zone above Rs 51000 for target of Rs 51300

Sell zone below Rs 50750 for target of Rs 50500

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​
Sandip Das
first published: May 30, 2022 10:02 am
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