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Gold price today: Yellow metal trades lower, support seen at Rs 47,155

On MCX, gold has support at Rs 47,155-46,920 and resistance at Rs 47,700-47,850. Silver has support at Rs 67,700-67,200 and resistance at Rs 69,000-69,500, say experts.

April 20, 2021 / 09:52 AM IST
Source: Reuters

Source: Reuters

Gold was trading flat with a negative bias in the Indian market on April 20 despite a positive trend in international prices. On the Multi-Commodity Exchange (MCX), June gold contracts were trading lower by 0.29 percent at Rs 47,255 for 10 grams at 0935 hours. May silver futures were trading 0.18 percent higher at Rs 68,450 a kilogram.

There is strong support for gold at Rs 47,155, while resistance is seen at 47,700, experts say.

Gold and silver had a roller-coaster ride on April 19. Both precious metals showed strength in early trading sessions but slipped in the late evening trade amid a rebound in the benchmark 10-year bond yields in the United States.

The metals settled on a weaker note in the international market. June gold futures contract settled at $1,770.60 per troy ounce and silver May futures contract at $25.84 a troy ounce.


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Due to the weakness in the rupee, both metals settled on a mixed note in the domestic market as well. They showed corrective pullback after gold prices rose to seven-week highs and silver to three-week highs in the previous week, experts said.

“Rebound in the 10-year benchmark bond yield in the United States triggered profit-taking at higher levels in both the precious metals. The 10-year bond yield crossed 1.6 percent levels once again. However, weakness in the dollar index and Chinese government move to allow domestic and foreign banks to import gold supported prices of precious metals,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart said.

“We expect both the precious metals to remain volatile in today’s session and could find support at lower levels. At MCX, gold has support at 47,155-46,920 and resistance at 47,700-47,850; silver has support at 67,700-67,200 and resistance at 69,000-69,500 levels,” he said.

Jain suggests buying in gold at around Rs 47,150 with a stop loss of Rs 46,920 for the target of Rs 47,700.

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

Comex gold was trading mixed near $1,770 after a 0.5 percent decline the previous day. Gold was trading mixed as support from weaker US dollar, pick up in ETF buying, rising virus cases, the prospect of higher Chinese imports was countered by the rise in bond yields and general optimism about the US and Chinese economy and vaccination progress.

Gold may witness choppy trade amid mixed factors, however, general bias may be on the upside until the dollar remains under pressure.

Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold and silver prices fell from the highs of the session on April 19 despite a weaker dollar.

Domestic gold gave up most of its gains to end flat, while silver ended lower on overseas prices. The reason behind bullion’s weakness was a sharp rebound by the US treasury yields.

Domestic gold and silver prices could trade lower on April 20 morning, tracking overseas prices.

Technically, MCX June gold support is at Rs 47,080 and Rs 46,900. Resistance is at Rs 47,600 and Rs 47,850. MCX Silver resistance is at Rs 69,300 and 70,100. Support is at Rs 67,800 and Rs 66,900.

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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