Gold Price Today, 6 July 2021: Gold trades at 2-week high, holds Rs 47,000; MCX silver above Rs 70,000 per kg

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Updated: July 06, 2021 9:35 AM

Gold Rate Today, Gold Price in India on 6 July 2021: Gold prices today in India were trading at a two-week high, on the back of international rates on a subdued dollar.

Gold Rate Today, Gold Price Today in IndiaGold prices moved above Rs 47,000 level this month on July 2. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices today in India were trading at a two-week high, on the back of international rates on a subdued dollar. On Multi Commodity Exchange, gold August futures were trading Rs 146 or 0.31 per cent up at Rs 47,445 per 10 gram, as against the previous close of Rs 47,299. Gold prices again moved above Rs 47,000 level this month on July 2. Silver September futures were up Rs 233 or 0.33 per cent at Rs 70,272 per kg. In the previous session, silver futures ended at Rs 70,039 per kg, regaining the crucial Rs 70,000-mark last week.

Globally, yellow metal prices were hovering close to a two-week high on Tuesday, helped by a subdued dollar, while investors awaited minutes from the US Federal Reserve’s June policy meeting for more clarity on monetary policy going forward, according to Reuters. Spot gold was steady at $1,792.34 per ounce, after hitting its highest since June 18 at $1,794.86 on Friday. US gold futures rose 0.5 per cent to $1,792.

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

COMEX gold trades near $1799/oz up about 0.9% from Friday’s close. Gold has edged up as US dollar and bond yields have weakened in reaction to mixed US non-farm payrolls report. Also supporting gold price is mixed economic data from major economies and renewed virus concerns. However, weighing on price is weaker investor interest and Fed’s monetary tightening concerns. Gold has edged up however it might sustain only if US dollar index falls sharply.

NS Ramaswamy, Head of Commodities, Ventura Securities

Today, we expect the MCX Gold Aug prices to trade with positive bias. Immediate strong support is seen at 46,800 level which is 20 weeks moving average. Prices are holding above the 20 weeks moving average. On hourly chart, prices are hovering near the 20 MA level. Breaking above the 47,450 level on hourly closing basis, we may see prices heading towards 48,000 level for intraday. MCX SILVER Sep prices are also holding above the 20 weeks moving average. Key support is seen at 69,500 level for intraday. If prices manage to trade above 70,500 level on hourly closing basis, we may see prices heading towards 71,500 level for intraday.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold is near to its psychological level of $1800 and sentiment has started to shift despite bearish bets continuing to dominate gold’s speculative market. Speculative long positions have started getting added (5400 contracts) although speculative short positions (6554 contracts) is more compare to long but addition of long positions certainly hints at shifting in sentiments. Sentiment in the silver market also appears to be turning bullish as hedge funds covered their bearish bets as the metal managed to hold support above $25.50 an ounce. The mixed US employment number released last week may hint that easy monetary policy may continue for a prolonged time. Tomorrows US Fed minutes may be the trigger gold bulls are looking for to push prices above $1800. In MCX, buy on dips strategy should be used with support coming around Rs 47150 and resistance at Rs. 47700.

Sandeep Matta, Founder, TRADEIT Investment Advisor

Range bound bullish behavior of the gold continues and seems to have found its near term support around $1750 an ounce. Central banks of many countries are unveiling their plans to increase gold holding in near term as a fundamental measure against inflationary and other forms of financial risks. The higher high formation on daily basis is encouraging and seems like yellow metal is ready to breach $1800 mark very soon. Gold on MCX replicated the same behavior as the global market and closed on positive note. We are positive on gold for the next few days and price surge is expected on technical parameters.

Key level for GOLD AUG Contract – 47325
Buy Zone Above – 47335 for the target of 47440-47600
Sell Zone Below – 47300 for the target of 47190-47100

(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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