Gold Rate Today, Gold Price in India on 12 May 2021: Gold prices were trading lower in India on Wednesday, taking cues from international rates as a rise in US Treasury yields and a strong dollar dented the metal's safe-haven appeal.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading lower in India on Wednesday, taking cues from international rates as a rise in US Treasury yields and a strong dollar dented the metal’s safe-haven appeal. On Multi Commodity Exchange, gold June futures were trading Rs 136 or 0.29 per cent down at 47,497 per 10 gram, as compared to a previous close of Rs 47,633 per 10 gram. Silver July futures were ruling at Rs 71,324 per kg, down Rs 605 or 0.84 per cent. In the previous session, silver futures ended at Rs 71,929 per kg. Benchmark US 10-year Treasury yields (1.62 per cent) hit their highest in more than a week. Due to rebound in the US dollar index the sentiment has turned bearish in the day session today. “Gold may correct to Rs 47,450. Today, all eyes will be on inflation numbers, therefore, we recommend a cautious stance,” Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers, told Financial Express Online.
Gold saw sharp selloff yesterday before recovering over $20 to erase most of its intraday loss. Gold has given approx return around 2.76 per cent since last Akshaya Tritiya and remember gold prices performed despite strong rally in equities, recovery in US dollar, rally in 10 yr US Treasury yields and crypto currencies like Bitcoin. “Going forward we expect gold prices to move higher due to inflationary pressure. Gold tends to perform better during inflationary pressure,” Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities, told Financial Express Online. Patel added that any level between Rs 45,000- 46,000 is ideal for investing in physical gold. “If prices gets lower around Rs 46,650 during Akshaya Tritiya 2021, we would recommend investors to buy. We expect gold prices to trend higher from here on,” he said.
- Gold, silver prices plunge as US dollar strengthens; bullion rates may trade sideways to down
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- Gold Price Today, 17 June 2021, tanks to one-month low post US FOMC outcome; MCX silver below Rs 71,000
Kshitij Purohit, Lead Commodities & Currency at CapitalVia Global Research, advised investors to buy and hold gold for the medium to long term as market is looking strong due to mixed US economic data. Technically gold made cup and handle chart pattern on daily charts which makes short term target of Rs 49,700. For the medium-term, investors can gradually add gold for the target of Rs 51,700 for the coming month.
Globally, spot gold was down 0.2 per cent at $1,832.73 per ounce. US gold futures eased 0.1 per cent to $1,834.30. Market participants awaited the release of US consumer price data due on Wednesday for further cues on the Fed’s stance on inflation. Silver fell 0.6 per cent to $27.47 per ounce, while platinum slipped 0.5 per cent to $1,228.68, according to Reuters.
(The views in this story are expressed by the respective experts of research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)