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Gold price today: Yellow metal rebounds after falling over 1%; support seen at 45,330

Experts are of the view that precious metal is likely to trade in a range as risk-on sentiment lift equities. The crucial support for India Gold is placed around 45300 levels, they say.

April 30, 2020 / 09:50 AM IST
Representative image

Representative image

India Gold June futures rebounded on April 30 after falling over 1 percent in the previous session, but experts feel that the precious metal could trade in a range tracking muted trend seen in the international spot price.

International Gold prices edged lower as risk appetite improved after positive trial results of an experimental COVID-19 treatment and a jump in oil prices. The U.S. Federal Reserve’s vow to support the battered economy underpinned the safe-haven metal, said a Reuters report.

“The Fed left its kept interest rates near zero and repeated a vow to use its “full range of tools” to shore up the economy that could feel the weight of consumer fear and social distancing for a year or more,” said the note.

On the Multi Commodity Exchange (MCX), June gold contracts were trading higher by 0.41 percent at Rs 45,732 per 10 gram at 0920 hours.


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Experts are of the view that precious metal is likely to trade in a range as risk-on sentiment lift equities. The crucial support for India Gold is placed around 45300 levels, they say.

Gold corrected more than 1 percent while flat closing is observed in Silver in the domestic market on Wednesday. Both the precious metals showed weakness in the international market.

“On the hope of possible drugs to treat COVID-19 and easing lockdown situation in most of the countries global equities rebound on Wednesday. The US Federal Reserve also keeps key interest rates unchanged at 0.25%,” Manoj Jain, an independent market expert told Moneycontrol.

“At MCX Gold is having crucial support at 45330 and expected to be hold, it could test 45750-45920 levels again. Silver May future is expected to hold key support of 41650 and could test 42200-42500 levels again. Both the precious metals are expected to give some recovery from their lows in Thursday's session,” he said.

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Trading StrategyExpert: Sriram Iyer, Senior Research Analyst from Reliance Securities

International bullion prices have started flat to higher this Thursday morning in Asian trade as the Fed pledges more fiscal stimulus to support the U.S. economy from the coronavirus.

Technically, however, the LBMA Gold spot could trade in sideways to marginal downside momentum & could trade in a range of $1695-$1715 levels.

MCX Gold June had a volatile session where prices are not able to hold above 46000 marks and reach to 45500 levels with an increase in volume and volatility. Gold could trade in 46000-45300 levels in the coming sessions.

Expert: Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

COMEX gold rose 0.7% to trade near $1725/oz after a 0.5% decline yesterday. Gold edged up as Fed Chairman called for more policy action to support the economy. ETF inflows also show robust investor interest.

However, weighing on price is upbeat risk sentiment amid some improvement in the virus-related situation. Gold may continue to trade in a broad range amid lack of fresh triggers

Disclaimer: The views and investment tips expressed by investment 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.

Kshitij Anand is the Editor Markets at Moneycontrol.
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