Gold Price Today: Yellow metal trades lower, experts say buy on dips for a target of Rs 47,300

Gold was trading lower in the Indian market on June 24 following a muted trend in international spot price amid strong dollar that made bullion more expensive for holders of other currencies. On the Multi-Commodity Exchange (MCX), August gold contracts were trading lower by 0.40 percent at Rs 46,886 for 10 grams at 0930 hours. July silver futures were trading 0.58 percent lower at Rs 67,541 a kilogram. Spot gold was down 0.2 percent at $1,774.96 per ounce. The dollar index held firm below an 11-week high against its rivals, a Reuters report said. Gold and silver showed some recovery from their lows on June 23. Both precious metals settled on a positive note in the international markets. Gold August futures contract settled at $1,783.40 a troy ounce and silver July futures contract at $26.11 a troy ounce. Both metals settled on a positive note in the domestic markets as well. Gold and silver rebounded on June 23 after comments made to US lawmakers by Federal Reserve Chairman Jerome Powell this week that higher inflation was transitory and that the Fed would not put the brakes on its easy-money policies too soon, experts said. “We expect both the precious metals to remain volatile in today’s session ahead of U.S. unemployment claims data. Gold has support at $1,772-1,758 per troy ounce and resistance at $1,794-1,804 per troy ounce while silver is having support at $25.80-25.55 per troy ounce and resistance at $26.40-26.70 per troy ounce,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said. Track Live Gold Prices here “At MCX, Gold has a support at 46,920-46,800 and resistance at 47,300-474,80; silver has support at 67,500-67,100 and resistance at 68,400-68,800 levels,” he said. Jain suggests buying in gold on dips around Rs 46,900 with a stop loss of Rs 46,680 for the target of Rs 47,300 and in silver around Rs 67,400 with a stop loss of Rs 66,900 for the target of Rs 68,600. Technical indicatorsExpert: Sriram Iyer, Senior Research Analyst at Reliance Securities Domestic gold ended flat, while silver ended with gains on June 23, tracking overseas prices. Bullion also benefited from a subdued dollar and flat yields, and both remained subdued after the Fed statement. However, the outlook for bullion remains uncertain after a sharp selloff last week and as investors struggled with the Federal Reserve’s view on inflation and the projections for the labour market rebound from the COVID pandemic. Domestic gold and silver prices could start flat on June 24, tracking overseas prices. On the domestic front, MCX August gold is holding support near 100-DMA, which is placed at 46,900 above which could see an upside move 47,200-47,350. MCX July silver holds support near 67,000-65,900. Resistance is at 68,700-69,800 levels. Amit Khare, AVP- Research Commodities, Ganganagar Commodities Limited Traders are advised to go long in gold and silver near support levels and should focus on important technical levels given below for the day: August gold closing price: 47,072: support 1: 46850, support 2: 46,500, resistance 1:  47,270, resistance 2: 47,550. July silver closing price Rs 67,932, support 1: 67,300, support 2: 66,500, resistance 1: 68,500, resistance 2: 69,100. Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities Comex gold was trading modestly lower near $1,776 after gaining 0.3 percent the previous day. Gold weakened again as the dollar stabilised amid hawkish comments by some Fed officials and upbeat economic data. ETF outflows also showed weaker investor interest. However, the price was supported by increased US-China tensions and persisting virus concerns. Gold may remain choppy as market players react to central banks’ comments, however, the general bias remains weak as diverging monetary policy stance of the Fed and others may support the dollar. 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.