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Gold price today: Yellow metal trades firm, experts say buy for a target of Rs 48,100

MCX June gold has given a breakout above 47,750 from where a further bullish momentum of up to 48,000-48,200 levels is possible. Support is at 47,500-47,300 levels, say experts.

May 10, 2021 / 09:59 AM IST

Gold was trading higher in the Indian market on May 10 following a positive trend in international spot prices which were hovering near a three-month high.

On the Multi-Commodity Exchange (MCX), June gold contracts were trading higher by 0.09 percent at Rs 47,793 for 10 grams at 0935 hours. July silver futures were trading 0.80 percent higher at Rs 72,000 a kilogram.

Spot gold was up after hitting its highest since February 11 at $1,842.91 in the previous session as weaker-than-expected US jobs data cemented hopes that interest rates will stay low for some time, pressuring the dollar and boosting bullion's appeal, a Reuters report said.

Gold and silver settled on a positive note in the international market on May 7. Gold June futures contract settled at $1,831.95 a troy ounce and silver July futures contract settled at $27.56 a troy ounce. Due to strength in the rupee, domestic markets settled on a mixed note.

In the week gone by, gold and silver rallied amid disappointing US job reports and weakness in the dollar index. The dollar index plunged to near three months low on May 7.


Gold & Silver Rates Jun 15, 2021

Tuesday, 15th June, 2021

Gold Rate in Mumbai Jun 15, 2021

  • 10g of 24K gold in Mumbai
  • 10g of 22K gold in Mumbai

Tuesday, 15th June, 2021

Silver Rate in Mumbai Jun 15, 2021

  • 10g silver in Mumbai
  • 1kg silver in Mumbai

“After disappointing data, the 10-year benchmark yield also slipped below 1.50 percent before settling down at 1.579 percent. After weaker than expected non-farm payroll data it is expected that interest rates in the United States remain soft for a longer period and continue to support precious metal prices,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart said.

“We expect both precious metals to remain volatile this week and any decline in the prices would be buying opportunity in gold and silver. At MCX, gold has support at 47,550-47,400 and resistance at 47,980-48,220; silver is having support at 70,900-70,200 and resistance at 72,100-72,800,” he said.

Jain suggests buying in gold around Rs 47,600 with a stop loss of Rs 47,300 for a target of Rs 48,100 and in silver around Rs 71,100 with a stop loss of Rs 70,400 for the target of Rs 72,500.

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Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold and silver prices surged higher on May 7 after an unexpected drop in US jobs growth in April weighed on the dollar and treasury yields.

Domestic gold and silver prices could start flat on May 10, tracking overseas prices.

Technically, MCX June gold has given a breakout above Rs 47,750 levels where further could see a bullish momentum up to Rs 480,00-48,200 levels. Support is at Rs 47,500-47,300 levels.

Technically, MCX July silver has given a breakout above Rs 71,000, where further resistance could be seen at Rs 71600-72700 levels. Support is at Rs 70,800-70,100 levels. Domestic gold and silver surged higher on May 7, tracking overseas prices.

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

COMEX gold was trading unchanged near $1832 after a 0.9 percent gain on May 7. Gold remains supported by disappointing US non-farm payrolls data which pressurised the US dollar and increased expectations that the Fed may keep interest rates low.

Gold has also benefitted from ETF inflows, which showed a pick-up in investor buying. However, weighing on price is concerns about Indian demand and general improvement in the virus situation in the US and Europe.

Gold has been setting new highs indicating positive momentum and this may continue until the US dollar is under pressure.

Disclaimer: The views and investment tips expressed by the expert 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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