Gold price today, 26 May 2021: Yellow metal rises on Wednesday; Gold may touch 50,000 if it holds above 49,000

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Updated: May 26, 2021 10:39 AM

Gold Rate Today, Gold Price in India on 26 May 2021: Gold prices were moving higher in India on Wednesday, following global rates as investors weighed in the comments by Federal Reserve officials who sought to soothe concerns about inflation.

Gold price todayGold prices have been rising gradually in the last few sessions. (Image: REUTERS)

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were moving higher on in India on Wednesday, following global rates as investors weighed in the comments by Federal Reserve officials who sought to soothe concerns about inflation. On Multi Commodity Exchange, gold June futures were trading Rs 126 or 0.26% higher at Rs 48,939 per 10 gram, as against the previous close of Rs 48,867. Silver July futures were trading at Rs 72,503 per kg, up Rs 390 or 0.54 per cent, as compared to the last close of Rs 72,140 per kg. COMEX gold was trading 0.4% higher near $1906/oz adding to the 0.7% gain yesterday.

Ravindra Rao,CMT, EPAT, VP- Head Commodity Research at Kotak Securities –

“COMEX gold trades 0.4% higher near $1906/oz after a 0.7% gain yesterday. Gold has jumped to Jan. highs amid mixed US economic data, dovish Fed comments, weaker US dollar, choppy equities and pickup in ETF buying. However, weighing on price are concerns about Indian demand and easing geopolitical tensions. Building on the gains noted in the last few weeks, gold has breached the key $1900/oz level indicating strong upward momentum however any stability in the equity market or US dollar may be enough to trigger a profit-taking move.”

Rahul Gupta, Head of Research-Currency at Emkay Global Financial Services

“The yellow metal has continued to show strength and the safe-haven demand will remain intact in general. While DXY is struggling to extend recovery moves. MCX gold has hit the higher end of the range around 49000, further upside is possible only if prices hold on to these areas for few sessions. Else a correction towards 48000/47500 should be seen.”

Jigar Trivedi is a Fundamental Research Analyst at Anand Rathi Shares and Stock Brokers –

“Gold climbed to an over four-month peak of $1,900 an ounce, as Treasury yields continue to retreat while the negative sentiment around the dollar has lent further optimism to the gold bulls. MCX Gold advanced along with international gold as a drop in U.S. Treasury yields and a weaker dollar supported the safe-haven metal. The dollar index was pinned near a 4-1/2-month low (89.66) against its rivals, making gold cheaper for other currency holders. Meanwhile, Fed policymakers have begun to acknowledge they are closer to debating when to pull back some of their crisis support for the U.S. economy, even as they say it is still needed to bolster the recovery and employment. We expect the yellow metal to appreciate in the day session. With the US consumer confidence pulling back a bit, we’re getting a knee jerk reaction. Traders may be thinking that the Federal Reserve will be more dovish for a longer period of time now. No major economic data will be releasing from the US today hence all eyes will be on the DX and 10Y bond yield for further cues.”

ICICI Securities

“Gold prices have been rising gradually in the last few sessions as investors weighed comments by Federal Reserve officials who sought to soothe concerns about inflation. Therefore, we expect gold prices to rise further towards Rs 49,200 level in the short-term.”

(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.)

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