Gold was trading flat to damaging on Friday, mirroring the trend in international spot rates exactly where robust US financial information and elevated Treasury yields dampened the yellow metal’s appeal. On the Multi Commodity Exchange, gold June futures had been trading Rs 25 down at Rs 46,701 per 10 gram, as against the preceding close of Rs 46,726. Silver July futures had been also flat at Rs 68,627 per kg, down from the preceding close of Rs 68,637. Analysts say that the trend in dollar has been quite bearish as the rupee has appreciated in current sessions. Otherwise, the subdued dollar, dovish Fed and huge stimulus bill announced by Biden are positive for gold. “Currently MCX gold price is hovering near the crucial 46600 zone, if it falls below that then the downtrend may continue till 45000. However, a reversal may again push prices to 48000,” Rahul Gupta, Head of Research, Emkay Global Financial Services, told TheSpuzz Online.
Globally, spot gold slipped .3 per cent to $1,765.15 per ounce, down practically .6 per cent so far in the week. US gold futures had been down .1% to $1,765.60 per ounce. Despite the decline, bullion was poised for its initially month-to-month acquire of this year, getting jumped to a two-month higher of $1,797.67 on April 22, according to Reuters. Benchmark US 10-year Treasury yields hovered close to a more than two-week higher, growing the chance price of holding non-yielding bullion.
Back in the domestic industry, gold and silver rates corrected sharply in the preceding session. The US GDP rose 6.4 per cent sequentially in the initially quarter of 2021 and 5.53 lakh initial jobless claims had been filed more than the previous week, with government help. “Mixed data came from the US economy, however, lower interest rates will provide support for gold and silver. For today we expect some profit booking in gold and silver over positive US GDP data,” Anuj Gupta, VP — Commodity and Currencies Research, IIFL Securities, told TheSpuzz Online. He advised traders to go for ‘sell’ in gold at Rs 46,800 with the cease loss of Rs 47,one hundred for the target of Rs 46,300 per 10 gram. “They can also go for sell in silver at Rs 68,900 with the stop loss of Rs 69,400 for the target of Rs 67,500,” he added.
(The views in this story are expressed by the respective authorities of analysis and brokerage firm. TheSpuzz Online does not bear any duty for their tips. Please seek advice from your investment advisor just before investing.)