Gold Rate Today, Gold Price on 11 May 2021 Gold trades flat, follows international trends Gold Price Forecast, Gold Price Outlook

In the earlier session, gold costs hit a 3 month excessive because the yellow steel received assist from slumping US greenback index that hit 2.5 month low.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold costs in India have been buying and selling flat with a adverse bias on Tuesday, following international charges as a retreat in US Treasury yields countered a slight rebound within the greenback. On MCX, gold June futures have been buying and selling Rs 24 down at Rs 47,927 per 10 gram, as in opposition to the earlier shut of Rs 47,951. Silver July futures have been ruling at Rs 71,373 per kg, down Rs 171 or 0.24 per cent on Multi Commodity Exchange. In the earlier session, gold costs hit a three-month excessive because the yellow steel received assist from the slumping US greenback index that hit 2.5 month low yesterday. “Hedge funds have reduced their bearish bets as gold prices are trading comfortably above $1800 but now the prices have remained steady and unable to move above its important 200 day moving average around $1872,” Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities, advised Financial Express Online.

Physical gold demand in India dived final week as outlets have been shut and other people turned cautious because of surging coronavirus infections internationally’s second-largest bullion shopper. On the technical charts, MCX gold has resistance round Rs 48,500 and Rs 49,200 the place 200 day shifting common is. “Momentum oscillator RSI_14 is still at 62 indicating prices are not in overbought state and there is room on the upside. The Rs 46,500 is the immediate support as prices have taken support twice in short period around that level. We believe gold will trade in range of Rs 47,000- Rs 48,500 this week,” Patel added.

Analysts stated that the markets have been nonetheless reverberating from the stunning US jobs report for April which noticed decrease than anticipated numbers and placing chilly water on the notion that US Fed could also be pressured to extend rates of interest. Last year in August, MCX gold touched a file excessive of Rs 56,191 per 10 grams.

Globally, spot gold was regular at $1,836.26 per ounce, after hitting its highest since February 11, 2021, at $1,842.91 on Friday. US gold futures have been down 0.1 per cent at $1,836.40 per ounce. The greenback index was up 0.1 per cent, making gold dearer for different foreign money holders, in line with Reuters. Benchmark US 10-year Treasury yields have been pinned beneath 1.6 per cent.

On the technical charts, costs are forming the Higher-High sample on each day chart. “We expect the MCX Gold June prices to trade positive for intraday,” stated NS Ramaswamy, Head of Commodities, Ventura Securities. He added that the RSI indicator additionally suggests the energy within the momentum on the upper aspect. Any dip within the costs can be utilized as a shopping for alternative for intraday. On the draw back, key assist stage is seen at Rs 47,500 stage for intraday. “If gold prices manage to break above the Rs 48,150 in today’s session, prices are likely to head towards Rs 48,500,” he added.

For MCX silver, Ramaswamy stated that any dip within the costs may be utilised as a shopping for alternative for intraday. “On the downside, the key support level is seen at Rs 70,800. Once the prices start trading above the Rs 72,000 on hourly chart, we may see prices heading towards Rs 73,000 for intraday,” he added

(The views on this story are expressed by the respective specialists of analysis and brokerage agency. Financial Express Online doesn’t bear any duty for his or her recommendation. Please seek the advice of your funding advisor earlier than investing.)

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