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Gold price today: Yellow metals stabalises; Silver May Future rallies over 1%

Gold has support at 45,550-45,300 and resistance at 46,000-46,300; silver is having support at 68,300-67,700 and resistance at 69,500-70,200, suggest experts.

March 01, 2021 / 10:15 AM IST

India Gold April MCX futures stabalises on Monday after a selloff seen in the previous trading session tracking a positive trend seen in the international spot prices. May Silver MCX futures were trading with gains of over a percent.

On the Multi-Commodity Exchange (MCX), April gold contracts were trading higher by 0.6 percent at Rs 46,020 for 10 grams at 0920 hours. May silver futures were trading 1.1 percent higher at Rs 69,541 a kilogram.

Gold and silver prices settled on a weaker note in the international markets on Friday. Gold April futures contract settled at $1,732.45 per troy ounce, down over 2 percent, and Silver March futures contract settled at $26.67 per troy ounce, down by over 3 percent.

Despite weakness in the rupee domestic markets were also settled on a weaker note. Gold April futures contract settled at Rs45,736 per 10 grams, and Silver May futures contract settled at Rs68,784 per kilogram.

Gold and silver crashed on Friday amid a strong rebound in the dollar index and surge in 10-year U.S. bond yields. The 10-year bond yield reached record highs of 1.60% last week and pushed precious metals prices lower.

Close

Gold & Silver Rates Sep 18, 2021

Saturday, 18th September, 2021

Gold Rate in Mumbai Sep 18, 2021

  • 10g of 24K gold in Mumbai
    46,810
  • 10g of 22K gold in Mumbai
    44,580

Saturday, 18th September, 2021

Silver Rate in Mumbai Sep 18, 2021

  • 10g silver in Mumbai
    642
  • 1kg silver in Mumbai
    64,200
Show

“The benchmark gold futures contract was down 2.7%, following through with the previous week’s slide of 2.5%. With Friday being the last trading session for February, it wrapped the month down 6.6%, its worst since a 7.2% decline in November 2016,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.

“We expect both the precious metals remain volatile this week and gold could see stiff pressure at higher levels. At MCX, Gold has support at 45,550-45,300 and resistance at 46,000-46,300; silver is having support at 68,300-67,700 and resistance at 69,500-70,200,” he said.

Jain suggests buying in the silver May futures contract around 68,000 with a stop loss of 67,200 on a closing basis for the target of 70,000.

Track Gold price here

Trading Strategy:

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

COMEX gold trades about 1% higher near $1748/oz after a sharp 2.6% decline in the previous session when it slumped to June 2020 lows. Gold bounced back on back of progress on US stimulus front and correction in US dollar and bond yields.

However, weighing on price is continuing ETF outflows. Gold plunged sharply and we are now seeing some relief rally however sharp gains are unlikely until US bond yields correct sharply or US stimulus is approved.

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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