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Gold Price Today: Yellow metal slips; experts say support placed around Rs 48,900

Gold can be bought on dips around Rs 48,950 with a stop loss of 48,700 for the target of 49,400 and silver around Rs 71,300 with a stop loss of 70,700 for the target of 72,500, say experts.

June 10, 2021 / 09:50 AM IST

Gold was trading lower in the Indian market on June 10 following a muted trend in international spot prices that were weighed down by a firmer dollar.

On the Multi-Commodity Exchange (MCX), August gold contracts were trading lower by 0.22 percent at Rs 49,015 for 10 grams at 0930 hours. July silver futures were trading 0.54 percent lower at Rs 71,495 a kilogram.

“Investors sat on the sidelines waiting for clearer signals on inflation levels and economic growth ahead of US data and the European Central Bank meeting later in the day,” said a Reuters report.

The dollar index edged up slightly to trade near 90.137 against its rivals, making gold less appealing for other currency holders, it said.

Close

Gold & Silver Rates Jul 23, 2021

Friday, 23rd July, 2021

Gold Rate in Mumbai Jul 23, 2021

  • 10g of 24K gold in Mumbai
    48,170
  • 10g of 22K gold in Mumbai
    45,880

Friday, 23rd July, 2021

Silver Rate in Mumbai Jul 23, 2021

  • 10g silver in Mumbai
    723
  • 1kg silver in Mumbai
    72,300
Show

Gold and silver showed volatility ahead of the US CPI data on June 9. Both precious metals settled on a positive note in the international markets.

Gold August futures contract settled at $1,895.50 a troy ounce and silver July futures contract settled at $28 a troy ounce. Gold ended flat in the domestic markets on.

“All eyes will be on the US inflation figures due to be released today, if it comes lower than expected then expect gold to sell-off in the short term. However, a higher than expected number may give gold and silver the fillip it needs to break resistance and start the next leg in this bullish cycle,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research at Prithvifinmart Commodity Research said on June 11.

Track Live Gold Prices here

“We expect both the precious metals to remain volatile in today’s session ahead of the US CPI data. Gold has support at 48,950-48,700 and resistance at 49,300-49,550, while silver is having support at 71,200-70,700 and resistance at 72,200-72,800 levels,” he said.

Jain suggests buying in gold on dips around Rs 48,950 with a stop loss of 48,700 for the target of 49,400 and silver around Rs 71,300 with a stop loss of 70,700 for the target of 72,500.

Technical indicators

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

COMEX gold was trading modestly lower near $1,890 after gaining 0.1 percent the previous day. Weighing on the gold price is firmness in the US dollar index ahead of US inflation data and ECB's monetary policy meeting on June 11.

ETF activity remains mixed, while consumer demand in India remains impacted by virus-related restrictions.

Gold may remain choppy ahead of key events, however, the general bias remains on the upside unless we see a sharp rise in US dollar.

Amit Khare, AVP-Research Commodities, Ganganagar Commodities Limited

Gold and silver showed a mixed trend on June 10. The metals are showing signs of some selling pressure on the daily candlestick charts. Traders are advised to create some short positions near resistance levels. Here are key levels to watch out for:

August Gold closing price Rs 49,124, support 1: 48,900, Support 2: 48,700, resistance 1: 49,300, Resistance 2: 49,500

July Silver closing price Rs 71,884, support 1: 71,200, support 2: 70,400, resistance 1: 72,500, resistance 2: 73,400

Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold and silver prices remained in a small range on June 10 as investors waited for US inflation data that could shape the course of the Federal Reserve's monetary policy.

Domestic gold and silver ended marginally in the green in lacklustre trade.

CPI inflation data for May will take centre stage, especially after April’s CPI reading showed the largest monthly gain in core inflation since 2008 with CPI jumping a sizzling 4.2 percent from a year earlier.

Domestic gold and silver prices could trade flat to marginally weaker on June 11 morning, tracking overseas prices.

On the domestic front, MCX August gold is trading above 49,000, where further up could take 49,200-49,350. Support is at 48,950-48,800 levels.

MCX July silver holds support near 71,000-70,100. Resistance is at 72,800-73,300.

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.

Kshitij Anand is the Editor Markets at Moneycontrol.

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