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Gold price today: Yellow metal trades lower, experts say buy on dips towards Rs 47,000

The two metals will likely remain volatile but investors can look at buying gold on dips towards Rs 47,000 for a target of Rs 47,440, say experts.

February 08, 2021 / 09:52 AM IST

Gold was trading in the red in the Indian market on February 8, tracking muted trend in international spot prices. Silver, too, was trading with a negative bias.

On the Multi-Commodity Exchange (MCX), April gold contracts were trading lower by 0.13 percent at Rs 47,195 for 10 grams at 0920 hours. March silver futures were trading 0.27 percent lower at Rs 68,555 a kilogram.

The precious metals may remain volatile but investors can look at buying gold on dips towards Rs 47,000 for a target of Rs 47,440, experts say.

Gold and silver prices settled on a positive note in the international as well as domestic markets on February 5. Gold April futures contract settled at Rs 47,256 per 10 grams while March silver futures settled at Rs 68,738 per kilogram.


Gold & Silver Rates Yesterday

Monday, 18th October, 2021

Gold Rate in Mumbai Yesterday

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

Monday, 18th October, 2021

Silver Rate in Mumbai Yesterday

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

Gold and silver rose amid weakness in the dollar index after a disappointing US non-farm payroll data. The data pushed the dollar index lower and supported both the metals, say experts.

“Gold prices hold $1,800 per troy ounce on a weekly closing basis. We expect both the precious metals to remain volatile this week. Gold has support at $1,800-1,784, while resistance is at $1,828-1,844 per troy ounce,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.

“Silver has support at $26.40-25.88, while resistance is at $27.70–28.20 per troy ounce. We suggest buying in the gold on dips around 47,000, with the stop loss of 46,700 for the target of 47,440,” he said.

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Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold and silver rebounded on February 5, helped by a retreat in the dollar and data showing slower-than-expected growth in US employment, underpinning the need for additional financial support.

Tracking overseas prices, gold and silver prices rose in India. US employment growth rebounded moderately in January and job losses were deeper than initially thought.

Domestic bullion could trade flat-to-marginally-higher on February 8, tracking the overseas markets.

Technically, MCX April gold, which bounced back from 46800 to trade above 47100, will hold its upside momentum up to 47,350-47,700. Support is at 47,150-46,900 level.

MCX March silver bounced back from 67,200 levels and continued trade above 68,200. It can see a bullish momentum up to 69,100-69,900. Support is at 67,500-66,800 levels.

Ravindra Rao, VP- Head Commodity Research at Kotak Securities

Comex gold was trading flat near $1,810/oz after a 1.2 percent gain in the previous session. Gold recovered from recent lows as the US dollar index shed some of its recent gains.

Also, supporting price is increased expectations of US stimulus measures as well as mixed US jobs report.

However, weighing on the price is weaker investor interest, as evident from ETF outflows and the surge in US bond yields. Gold has bounced back to trade above $1,800, however, a sustained rise is unlikely until the dollar corrects.

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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