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Gold price today: Yellow metal rises tracking spot prices; may trade in a range of 45,000-45,800 levels

Experts are of the view that volatility is likely to remain in the precious metal, and it could move in the range of 45000-45800 levels per 10 gm.

May 07, 2020 / 10:05 AM IST
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Representative image


India Gold June futures rose on May 7 tracking positive momentum seen in the international spot prices after a 1 percent drop in the previous session as grim US economic data underscored the impact of the coronavirus outbreak.

On the Multi Commodity Exchange (MCX), June gold contracts were trading higher by 0.36 percent at Rs 45,536 per 10 gram at 09:30 hours. Silver futures were trading 0.3 percent higher at Rs 41,983 per kg.

U.S. private employers laid off a record 20.236 million workers in April as mandatory business closures in response to the virus ravaged economy, said a Reuters report.

Gold and silver traded weak on Wednesday in the international market. Due to gains in the dollar index, and some profit-taking is seen in both the precious metals. The dollar touched a more than one-week peak, limiting bullion's gains.

Gold slipped below $1,692 per troy ounce and silver test $15 per troy ounce again in the previous trading session. Despite weakness in the rupee gold slipped around 1 percent and silver also slipped in the domestic market.

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Experts are of the view that volatility is likely to remain in the precious metal, and it could move in the range of 45,000-45,800 levels per 10 gm.

“We expect volatility to continue in both the precious metals due to volatility in global financial markets. Gold is expected to be traded in the range of $1,684-1,715 per troy ounce,” Manoj Jain, an independent market expert told Moneycontrol.

“At MCX, it is expected to be traded in the range of 45,000-45,800 levels. Silver is expected to hold crucial support of 41,500 and could test it's resistance level of 42,500 again,” he said.

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Expert: Sriram Iyer, Senior Research Analyst from Reliance Securities

Bullion ended lower on Wednesday pressured by a stronger dollar and expectations that gold supplies will grow as bullion refineries resume operations.

International bullion prices have started higher this Thursday morning in Asian trade as bleak US economic data due to the COVID-19 outbreak kept investors interested in the precious metals.

Technically, LBMA GOLD Spot slipped below $1,700 levels ad price struggle to cross $1,710 levels. Gold could test $1,670 level in the coming sessions. However, prices could continue to trade in $1,670-$1,700 range.

MCX Gold June resisted to downward sloping trendline where 45,800 will act as an immediate halt. Moreover, it gave a close below 45,400 levels indicating a negative breath in the counter. Therefore, Bearish momentum could take prices down to 44,700 in the coming session.

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

COMEX gold trades higher by 0.4 percent near $1695/oz after a 1.3 percent decline yesterday. Disappointing economic data, downbeat forecasts, interest rate cuts by central banks and US-China tensions is supporting gold.

However, weighing on price is firmness in the US dollar and lifting of virus-related restrictions. Mixed factors may keep gold in a range however general bias may be on the upside owing to global growth concerns.

Disclaimer: The views and investment tips expressed by investment 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.
Kshitij Anand is the Editor Markets at Moneycontrol.
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