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Gold price today: Yellow metal trades below Rs 48,000; Silver Futures down nearly 1%

Gold may witness choppy trade amid lack of fresh cues however there is a possibility of correction if US dollar manages to recover, suggest experts.

February 11, 2021 / 10:03 AM IST

India Gold MCX April Futures trade lower below Rs 48,000 on February 11 tracking muted trend seen in the international spot prices. Silver March Futures were down by nearly 1 percent.

On the Multi-Commodity Exchange (MCX), April gold contracts were trading lower by 0.3 percent at Rs 47,864 for 10 grams at 0920 hours. March silver futures were trading 0.95 percent lower at Rs 68,271 a kilogram.

Gold and silver prices showed mixed trends on February 10 in the international markets. Gold April futures contract settled on a slightly positive note at $1,842.70 per troy ounce while Silver March futures contract settled on a weaker note at $27.08 per troy ounce.

Both the precious metals also settled on a mixed note in the domestic markets. Gold maintains a bullish momentum on the hope of further US stimulus and easy monetary policy.


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Experts are of the view that investors are better off buying the dip towards Rs 47,800 for a target around Rs 48,300 levels.

“We expect both the precious metals to remain volatile in today’s session and weakness in the dollar index and hope of U.S. stimulus could support prices at lower levels,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.

“At MCX, Gold has support at 47800-47550 and resistance at 48300-48580 and silver is having support at 68200-67700 and resistance at 69500-70400 levels. We suggest buying in the gold on dips around 47800 with the stop loss of 47550 for the target of 48300,” he said.

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Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold rose on Wednesday as the U.S Dollar extended losses on Wednesday.

International silver prices ended in the red on Wednesday as investors remained cautious given the volatility over the last few trading sessions.

Domestic bullion could trade flat-to-marginally lower this Thursday morning, tracking the overseas markets.

Technically, MCX Gold April support is at 47960-47800 levels. Resistance is at 48150-48300 levels.

MCX Silver March support is at 68050-66900 levels. Resistance is at 69950-70500 levels.

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

COMEX gold trades marginally lower near $1839/oz after a 0.3% gain yesterday. Pause in US dollar’s decline has put some pressure on gold. Also weighing on price is weaker investor interest and improvement in virus situation.

However, supporting price is Fed’s cautious tone on US economy and hopes of additional US stimulus. Gold may witness choppy trade amid lack of fresh cues however there is a possibility of correction if US dollar manages to recover.

Disclaimer: The views and investment tips expressed by experts on are their own and not those 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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