LIVE NOW:Watch the Definedge Conference on Market Analysis (DECMA). Join Now

Gold price today: Yellow metal trades with negative bias; buy Silver on dips: Experts

Silver has support at 66800-66200 and resistance is placed at 68100-68800 levels. We suggest buying in the silver on dips around 66800 with a stop loss 66100 on a closing basis for the target of 68200, suggest experts.

March 10, 2021 / 10:16 AM IST

India Gold MCX April futures price trades with a negative bias on March 10 tracking muted trend in the international spot prices. Silver May futures were down by nearly 1 percent.

On the Multi-Commodity Exchange (MCX), April gold contracts were trading lower by 0.28 percent at Rs 44,732 for 10 grams at 0920 hours. May silver futures were trading 0.8 percent lower at Rs 66,940 a kilogram.

Gold and silver showed a strong rebound on Tuesday amid profit-taking in the dollar and 10-year bond yield. Both precious metals settled on a positive note.

Gold April futures contract settled at $1716.90 per troy ounce with a gain, and Silver May futures contract settled at $26.18 per troy ounce. Both the precious metals also settled on a positive note in the domestic markets on Tuesday.

Gold and silver prices sharply rebound on Tuesday amid falling bond yields and weakness in the dollar index. Short covering also lift precious metals prices higher on Tuesday after gold prices hit 10 months low on Monday, suggest experts.

Close

Gold & Silver Rates Apr 08, 2021

Thursday, 08th April, 2021

Gold Rate in Mumbai Apr 08, 2021

  • 10g of 24K gold in Mumbai
    45,350
  • 10g of 22K gold in Mumbai
    44,350

Thursday, 08th April, 2021

Silver Rate in Mumbai Apr 08, 2021

  • 10g silver in Mumbai
    713
  • 1kg silver in Mumbai
    71,300
Show

“We expect both the precious metals remain volatile in Wednesday’s session and Gold could face stiff resistance around $1734 per troy ounce. Gold has support at $1700-1684 and resistance at $1734-1750 per troy ounce and silver is having support at $25.88-25.55 per troy ounce and resistance at $26.50-26.80 per troy ounce,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.

“At MCX, Gold has support at 44660-44440 and resistance is placed at 45055-45220; Silver has support at 66800-66200 and resistance is placed at 68100-68800 levels. We suggest buying in the silver on dips around 66800 with a stop loss 66100 on a closing basis for the target of 68200,” he said.

Track Gold price here

Trading Strategy:

Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

COMEX gold trades 0.4% lower near $1710/oz after a 2.3% gain yesterday. Gold rallied sharply yesterday on correction in US bond yields and US dollar. Gold however eased today as the US dollar recouped some losses.

While gold sways along with the US dollar, support from US stimulus and Chinese equity market sell-off is countered by weaker investor interest.

Gold may continue to sway along with the US dollar however a sharp rise is unlikely unless bond yields correct sharply.

Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold prices rebounded on Tuesday on the back of a retreat in U.S. Treasury yields and a weaker dollar.

Silver prices too rebounded from the lows of the session. Domestic gold and silver ended with gains on Tuesday, tracking overseas prices.

Domestic gold and silver prices could trade flat this Wednesday morning tracking overseas prices.

Technically, MCX Gold April can trade on a positive note where breakout above 45000 levels will be awaited for further upside movement up to 45150-45390 levels. Support is at 44600-44420 levels.

Technically, MCX Silver May bounced back from 66000 could trade on a bullish note up to 68200-70100 levels. Support is at 66900-65330 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.

stay updated

Get Daily News on your Browser
Sections