Gold Price Today, 9 June 2021: Yellow metal firms on positive global cues; check support, resistances

Gold Rate Today, Gold Price in India on 9 June 2021: Gold prices edged marginally higher in India on Wednesday, following global rates as a fall in US bond yields supported yellow metal prices.

Gold Rate Today, Gold Price Today in India
In MCX gold, as long as the price trades above 46900, the view is bullish with major resistance around 48500-49000, said an analyst

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices edged marginally higher in India on Wednesday, following global rates as a fall in US bond yields supported yellow metal prices. Moreover, investors were seen holding back from making large bets ahead of US inflation data and the European Central Bank policy meeting this week. On Multi Commodity Exchange, gold August futures were trading Rs 28 up at Rs 49,155 per 10 gram, as against the previous close of Rs 49,127. Silver July futures were ruling Rs 135 up at Rs 71,366 per kg. In the previous session, silver futures settled at Rs 71,231. Globally, spot gold was up 0.1 per cent at $1,893.78 per ounce. While US gold futures edged 0.1 per cent higher to $1,896.60 per ounce.

Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers

Labour Department data showed U.S. job openings (JOLT: Job Opening & Labour Turnover) surged by nearly one million to a new record high in April. Today no major economic data from the US will release. We expect MCX gold to stay range bound with a positive bias ahead of US CPI inflation data (Friday) and ECB monetary policy (Tomorrow) outcome. MCX Silver is likely to appreciate to Rs. 71,800 per kg in a day session.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold prices have stuck in the range of 48800-49300 as investors are awaiting US economic data which is the consumer price index. If US inflation figures turn out to be higher than expected once again, the debate about an earlier U.S. Fed exit from its ultra-expansionary monetary policy could flare up again which would have a negative impact on gold as bond yields would rise along with US dollar. Rising raw commodity prices the past few months are an ominous sign that inflation could become problematic. Gold future bulls still have technical near term advantage as prices are still above the nine- week-old uptrend line. Strong support for gold comes at 48250 and resistance at 49800. On the hourly chart, gold still is above its 200 day moving average and RSI_14 is also in positive territory above 57. Any dips near its hourly 200 day moving average of 48900 would be an ideal opportunity to go long with stoploss of 48500 and expected target of 49600.

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

COMEX gold trades mixed near $1897/oz after a 0.2% decline yesterday. Gold is choppy as support from lower bond yields, choppy equities is countered by upbeat US jobs openings report, lack of ETF buying and slack 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 edged up 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.)

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