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Gold price today: Yellow metal trades lower, experts say buy on dips for a target of Rs 47,200

Gold can be bought on dips around Rs 46,580 with a stop loss of Rs 46,350 for the target of Rs 47,200 and silver can be bought around Rs 67,000 with a stop loss of Rs 66,500 for the target of Rs 68,500, say experts.

April 09, 2021 / 10:01 AM IST
Source: Reuters

Source: Reuters

Gold was trading flat in the Indian market on April 9 morning, tracking a muted trend in international spot prices but was on course to register weekly gains of over a percent amid weakness in the dollar and softening yields.

On the Multi-Commodity Exchange (MCX), June gold contracts were trading lower by 0.15 percent at Rs 46,768 for 10 grams at 0920 hours. May silver futures were trading 0.34 percent lower at Rs 67,274 a kilogram.

Gold has gained nearly 1.5 percent for the week, so far, after posting losses in the previous two weeks, a Reuters report said. US Treasury yields fell on Thursday, pressured by fresh dovish comments from Federal Reserve Chair Jerome Powell.

Gold and silver extended gains on April 8 amid weakness in the dollar index and rising unemployment claims in the United States. June gold futures contract settled at $1,758.20 per troy ounce and May silver futures contract settled at $25.59 a troy ounce.

Due to weakness in the rupee, both metals also settled on a positive note in the domestic markets, experts said.


Gold & Silver Rates Today

Thursday, 15th April, 2021

Gold Rate in Mumbai Today

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  • 10g of 22K gold in Mumbai

Thursday, 15th April, 2021

Silver Rate in Mumbai Today

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

“Gold prices reached a five-week high in the international markets and crossed $1,750 per troy ounce. On the other hand, the rupee also declined to fresh four months lows and supported both precious metals in the domestic markets. We expect both the precious metals remain firm and any dips in the prices would be a buying opportunity,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.

“On MCX, gold has support at Rs 46,580-46,400 and resistance at Rs 47,050-47,330 levels. Silver has support at Rs 67,100-66,600 and resistance at Rs 68,200-68,800 levels,” he said.

Jain suggests buying in gold on dips around Rs 46,580 with a stop loss of Rs 46,350 for the target of Rs 47,200 and in silver, around Rs 67,000 with a stop loss of Rs 66,500 for the target of Rs 68,500.

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Ravindra Rao, VP- Head Commodity Research at Kotak Securities

Comex gold was trading mixed near $1,755/oz after gaining 1 percent the previous day when it tested the highest level since late February. Gold has benefitted from a drop in the US dollar index to a two-week low on the back of disappointing jobs report and the Fed’s emphasis on keeping the interest rate low.

However, weighing on price is the improving the global growth outlook and continuing ETF outflows. Gold has given a break above the $1,750/oz level, indicating positive momentum but the trend in the dollar will determine the substance of the rally.

Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold and silver prices rose on April 8, tracking the weakness of the dollar and softening yields.

Domestic gold and silver ended with gains on April 8, tracking overseas prices and weakness in the rupee.

The dollar fell to a two-week low against a basket of currencies, tracking lower treasury yields after data showed a surprise rise in US weekly jobless claims.

Domestic gold and silver prices could trade flat on the morning of April 9 tracking overseas prices.

Technically, MCX June gold has given a breakout above Rs 46,700, indicating that the positive trend will continue to Rs 47,100-47,400.

Technically, MCX May silver closed above Rs 67,000 and could see an upside momentum up to Rs 67,900-69,000 levels.

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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