Gold price today: Yellow metal pares gains, likely to find support at 46,300-45,900
India Gold August Futures pared early gains on June 5 and turned negative tracking muted trend seen in the international spot prices. Experts feel that the yellow metal is likely to remain volatile, and the immediate support is placed at Rs 46,300-45,900 per 10 gm.
On MCX, June gold contracts were trading lower by 0.69 percent at Rs 46,373 per 10 gram at 09:20 hours. Silver July futures were trading 0.84 percent lower at Rs 48,402 per kg.
Bullion rebounded on Thursday as the dollar continued its downward momentum as dismal US trade data overshadowed slightly upbeat labour market numbers and optimism about an economic rebound.
“International bullion prices have started flat this Friday morning in Asian trade ahead of the non-farm payroll data due tonight. Weak US Dollar kept downside limited. Technically, LBMA GOLD Spot have bounced back from $ 1690 levels and had a positive session where prices are ended above $ 1710 level,” Sriram Iyer, Senior Research Analyst at Reliance Securities told Moneycontrol.
“MCX Gold August contract traded on a positive note where it has sustained well above 45900 levels giving close above 46600 levels indicating a positive breath in the counter up to 47200 levels,” he said.
Iyer further added that price could hold resistance near 46970-47260-48060 levels where downside 46300-45900-45000 will act as support.
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Trading StrategyExpert: Manoj Jain, Director (Head – Commodity & Currency Research) at Prithvi Finmart Pvt LtdWe expect both the precious metals remain volatile today due to weekend sessions and both side move is expected.
Gold is having resistance at $ 1733-1745 per troy ounce and support at $ 1714-1700 per troy ounce. At MCX, Gold is having resistance at 46800-47050 and support at 46400-46180.
Silver future is having resistance at $ 18.18-18.40 per troy ounce and support at $ 17.84-17.70 per troy ounce. At MCX, silver is having resistance at 48920-49150 and support at 48400-48000 levels.
Expert: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
COMEX gold trades weaker near $ 1720/oz after a 1.3% gain yesterday. Gold rose yesterday amid choppy equity markets and weaker US dollar however weighing on price is ETF outflows and general optimism about global economic recovery.
Gold has once again bounced back taking support near $ 1680/oz level and we may now see range-bound movement over $ 1700/oz but a sustained rise may not come unless equity markets correct substantially.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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