Gold Price Today, 8 June 2021: Gold prices fall, but gains over 8% since March; check how to trade MCX gold

By: |
June 08, 2021 10:02 AM

Gold Rate Today, Gold Price in India on 8 June 2021: Gold prices in India edged lower on Tuesday, on the back of muted international trends.

Gold Rate Today, Gold Price Today in IndiaSince March to date, MCX gold has gained 8.34 per cent. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India edged lower on Tuesday, on the back of muted trends in the international market. On Multi Commodity Exchange, gold August futures were down Rs 32 at Rs 49,111 per 10 grams, as against the previous close of Rs 49,143. Silver July futures were also seen ruling weak, down Rs 257 or 0.36 per cent at Rs 71,560 per kg on MCX. Silver futures settled higher at Rs 71,817 per kg in the last close. Last year in August, MCX gold touched a record high of Rs 56,191 per 10 grams. From a record high, MCX gold prices have fallen Rs 7,080 per 10 gram. However, in tandem with international trends, MCX gold has posted gains for the third consecutive month in May. MCX gold has risen 5.58 per cent in May, 4 per cent in April and 2.87 per cent in March this year. Since March to date, MCX gold has gained 8.34 per cent.

Globally, gold prices hovered near the key level of $1,900 an ounce due to a weaker dollar and lower bond yields. Spot gold was steady at $1,899.94 per ounce, while US gold futures edged 0.2 per cent higher to $1,902.80 per ounce.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold bulls stepped in yesterday to buy on dips. A nine-week-old price uptrend is in place on the daily bar chart. Gold bulls next upside price objective is to produce a close above solid resistance at the June high of $1,919.20 and in MCX, they would be eyeing to close above 49700. Gold ETF which was witnessing outflows in the months of Feb, Mar and April saw inflows of 61.3 tonnes in May. This was largely a function of investment demand increasing with the price strength of gold, along with renewed inflation concerns in the market, a weaker dollar and lower real yields. We are neutral to bullish in the short term while bullish in the long term. Momentum from Hedge funds speculative positions have started to ebb as profit booking is evidently taking place. In MCX, gold has good support around 48700 and any dips around that level should be used to go long with an expected target of 49700 and stoploss of 48200.

NS Ramaswamy, Head of Commodities, Ventura Securities

Today, we expect the MCX Gold Aug prices to trade positive for intraday. The RSI indicator on daily chart is back in positive territory. For intraday, 49,000 will be the key support for prices which is the 100 EMA level on hourly chart. As long as prices hold above this level, we may see prices heading towards 49,500 level for intraday. MCX Silver July prices are also likely to trade with positive sentiments. On hourly chart, the 100 EMA level is at 71,500 level which is seen as the immediate support on hourly closing basis. As long as prices trade above this level, we may see prices heading towards 72,500 level for intraday.

On the Comex front, Gold prices are back above the key level of $1900/ounce. As long as prices are above this level, they are likely to head towards $2000 level in coming sessions. Silver prices are hovering near the key level of $28/ounce on COMEX. Once prices surpass the recent highs, they are likely to head towards $30 level in coming sessions.

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

COMEX gold trades marginally higher near $1900/oz after a 0.4% gain yesterday. Gold has benefitted from choppy equities and a weaker US dollar amid continued debate about inflation and monetary policy. However, weighing on price is ETF outflows and weaker consumer demand in India. Gold may remain choppy reflecting volatility in the equity market and US dollar however the general bias may be on the upside unless the US dollar recovers sharply.

(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.)

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Tomato prices skyrocket to Rs 140/kg in South due to rains
2Gold rate falls as FED speculation keeps pressure on metals, expect prices to move sideways to down
3Sugar output touches 47.21 lakh tonne till Nov-end: Isma