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Gold price today: Yellow metal flat, experts say buy Silver on dips for a target of Rs 68,200

Gold has support at Rs 46,550-46,300 and resistance at Rs 46,920-47,100. For silver, support is at Rs 67,100-66,600 and resistance at Rs 67,800-68,300 levels, say experts.

April 30, 2021 / 09:34 AM IST
Source: Reuters

Source: Reuters

Gold was trading flat with a negative bias in the Indian market on the morning of April 30, tracking a muted trend in international spot prices on higher US treasury yields that dampened the metal's appeal.

On the Multi-Commodity Exchange (MCX), June gold contracts were trading lower by 0.07 percent at Rs 46,694 for 10 grams at 0935 hours. May silver futures were trading 0.12 percent lower at Rs 67,395 a kilogram.

Benchmark US 10-year treasury yields rose to a more than two-week high in the previous session, increasing the opportunity cost of holding non-yielding bullion, said a Reuters report.

Gold and silver fell on April 29 amid a rebound in the dollar index and a surge in US bond yield. June gold futures contract settled at $1,768.30 a troy ounce and May silver ended at $26.05 a troy ounce. Both metals settled on a weaker in the domestic markets as well.

“Gold slipped on Thursday in the third straight session amid a rebound in the dollar index from seven weeks low and surge in benchmark 10-year bond yields in the United States. The 10-year bond yields reached 1.68 percent during the session and pushed precious metals lower,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart said.

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Gold & Silver Rates May 23, 2022

Monday, 23rd May, 2022

Gold Rate in Mumbai May 23, 2022

  • 10g of 24K gold in Mumbai
    50,330
  • 10g of 22K gold in Mumbai
    47,930

Monday, 23rd May, 2022

Silver Rate in Mumbai May 23, 2022

  • 10g silver in Mumbai
    659
  • 1kg silver in Mumbai
    65,900
Show

“We expect both the precious metals to remain volatile in the session and strength in the dollar and bond yield could restrict gains in both the precious metals. At MCX, gold has support at 46,550-46,300 and resistance at 46,920-47,100 and silver is having support at 67,100-66,600 and resistance at 67,800-68,300 levels,” he said.

Jain suggested buying silver at around Rs 67,000 with a stop loss of Rs 66,500 for the target of Rs 68,200.

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Technical indicators

Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold and silver prices fell on April 29 as US treasury yields gained on upbeat economic data.

Domestic gold and silver ended lower on Thursday, tracking weak overseas prices and a stronger Rupee.

Data showed that the U.S. GDP rose at a 6.4 percent annual pace in the first quarter, while US weekly jobless benefit claims declined last week to 553,000 from a revised 566,000 a week earlier.

Domestic gold and silver prices could trade on April 30, tracking overseas prices.

Technically, MCX June gold resistances are at 47,300 and 47,500. Supports are at 46,560 and 46,400. MCX silver could see a sideways momentum within the narrow range of Rs 66,500-68,000.

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.



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Kshitij Anand is the Editor Markets at Moneycontrol.
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