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Gold Price Today: Yellow metal trades higher, experts say buy for a target of Rs 48,000

Buy Gold around Rs 47,600 with a stop loss of Rs 47,380 for the target of Rs 48,000 and in silver around Rs 68,500 with a stop loss of Rs 68,100 for the target of Rs 69,500, suggest experts.

July 09, 2021 / 09:43 AM IST

India Gold MCX August Futures trade higher on Friday tracking positive trend in the international spot prices, which were up on a slight pullback in the US Dollar that made bullion less expensive for other currency holders.

A drop in the US Treasury yields also offered support to the safe-haven metal, said a Reuters report. Spot gold was steady at $1,800.85 per ounce. Prices have risen 0.8% so far this week.

On the Multi-Commodity Exchange (MCX), August gold contracts were trading 0.32 percent higher at Rs 47,875 for 10 grams at 0930 hours. September silver futures were trading 0.20 percent lower at Rs 68,827 a kilogram.

Track live gold price here

Gold and silver showed extreme volatility on Thursday in the international markets amid volatility in the dollar index. Both the precious metals settled on a weaker note in the international markets.

Close

Gold & Silver Rates Nov 09, 2021

Tuesday, 09th November, 2021

Gold Rate in Mumbai Nov 09, 2021

  • 10g of 24K gold in Mumbai
    48,480
  • 10g of 22K gold in Mumbai
    46,170

Tuesday, 09th November, 2021

Silver Rate in Mumbai Nov 09, 2021

  • 10g silver in Mumbai
    691
  • 1kg silver in Mumbai
    69,100
Show

Gold August futures contract settled at $1800.20 per troy ounce, and silver September futures contract settled at $25.99 per troy ounce. Despite weakness in the rupee both the precious metals were also settled on a weaker note in the domestic markets.

“The dollar index slipped from three months highs on Thursday and settled below 92.50 marks again. The benchmark 10-year bond yields also slipped below 1.30% and supported precious metal prices,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

“We expect both the precious metals to remain volatile in today’s session and gold could hold $1800 per troy ounce. At MCX, Gold has support at 47500-47330 and resistance at 47980-48155; silver is having support at 68500-68100 and resistance at 69400-69900 levels,” he said.

Jain suggests buying in Gold around 47600 with a stop loss of 47380 for the target of 48000 and in silver around 68500 with a stop loss of 68100 for the target of 69500.

Technical indicators

Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold prices ended lower on Thursday as Wall Street also recouped some losses, but a weaker dollar and concerns over a U.S labour market recovery kept bullion near a three-weak peak.

In other metals, international spot silver ended lower despite weak dollar. Domestic gold and silver gave up gains to end in the red on Thursday, tracking overseas prices.

Domestic gold and silver prices could start weaker this Friday morning, tracking overseas prices.

On the domestic front, MCX Gold August supports are at 47451 and 47182. Resistances are at 48140 and 48560.

MCX Silver September supports are at 68507 and 68051. Resistances are at 69557 and 70151.

Amit Khare, AVP- Research Commodities, Ganganagar Commodities Limited-

Gold is showing more strength in comparison to Silver on the daily chart. Traders are advised to create a long position in Gold rather than Silver and should also focus on important technical levels given below for the day:

August Gold closing price 47,721: Support 1 - 47300, Support 2 - 46950, Resistance 1 - 48100, Resistance 2 - 48400.

September Silver closing price 68,962: Support 1 - 68300, Support 2 - 67800, Resistance 1 - 69550, Resistance 2 - 70100.

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

COMEX gold trades marginally higher near $1804/oz after a 0.1% decline yesterday. Gold trades higher supported by safe haven buying amid growth and virus concerns, weaker US dollar and lower bond yields.

However, weighing on price is Fed’s tightening expectations and continuing ETF outflows. Gold may remain choppy near $1800/oz as safe haven buying will be countered by Fed's rate hike expectations.

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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