Gold Price Today: Gold Futures Edge Lower, Hover Near Rs 48,600 Mark
Gold Price In India: Gold futures were traded lower on Friday, June 4, as the yellow metal traded in negative territory amid weaker global markets. Gold prices in international markets traded sideways to a moderately bullish trend and are set to record their worst week in three months. On Multi Commodity Exchange (MCX), gold futures due for a June 4 delivery, were last seen trading lower by Rs 390 - or 0.8 per cent - at Rs 48,600, compared to their previous close of Rs 48,990. Silver futures for a July 5 delivery were last up 0.9 per cent at Rs 71,450 against a previous close of Rs 70,810.
#Gold and #Silver Closing #Rates for 04/06/2021#IBJA pic.twitter.com/ITZB0kcSa3
June 4, 2021Domestic spot gold closed at Rs 48,578 per 10 grams on Friday, and silver at Rs 70,167 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
What analysts say:
Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited:''Technically, International Gold is trading in a sideways range during the Asian European session after initial loss, between $1867 - $1871, likely to continue in marginally upside momentum towards the resistance of $1876. MCX Gold future has sustained in the range of 48600 – 48680 today and if it breaks above the resistance of 48715, we may expect a move towards 48840 – 49040.
Like Gold, International Silver is also trading in narrow sideways range of $27.25 - $27.40 since morning. The resistance holds near $27.47 and if the price breaks above this resistance, we may anticipate a move towards $27.75. MCX Silver future has sustained around the level of 70700 and trading back & forth, tested the resistance of 70850. The price is likely to be marginally positive and may move towards the psychological level of 71000 – 71250.''
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:
“COMEX gold trades modestly lower near $1869/oz. Gold has fallen sharply as upbeat US economic data has pushed US dollar index and bond yields higher while adding to debate that Fed may tighten monetary policy. US equity markets have also stabilized on President Biden's tax proposal. Gold's sharp up move in last few weeks has made it vulnerable to profit taking which may extend further if US dollar strengthens further.”
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