Gold Price Today: MCX gold tops Rs 51000, may trade sideways to up

Gold prices in India were trading in the green with soft gains on Tuesday, mirroring the trend in the global markets. On Multi Commodity Exchange, gold June futures were trading 0.20 per cent up at Rs 51,010 per 10 gram, as against the previous close of Rs 50,907. Silver July futures were trading at Rs 61,237 per kg, down by Rs 66 or 0.11 per cent.

The Precious metals gave up early days’ gain in the last session as the U.S. equity market Dow Jones gained more than 2 percent. Economic data from the Eurozone and U.S. to be released in the evening today, are important for precious metals. The dollar, which measures the basket of six major currencies, down by 1 percent yesterday.

Market participants have their focus on Governor Powell’s speech and FOMC meeting minutes scheduled later this week. There are updates from Shanghai about releasing lockdown measures from the start of next month although officials have alerted due to the spread of this virus.

Trading Strategy:

On Monday, gold and silver prices traded higher in first half of trading session but went down from their earlier highs tacking uplifting in U.S. stock markets. Gold has support at Rs 50,740–50,510 levels, while resistance is at Rs 51,140–51,350 levels. Silver has support at Rs 60,910-60,650 levels, and resistance is at Rs 61,680–62,110 levels, said, Rahul Kalantri, VP Commodities, Mehta Equities.

Leave a Reply

Your email address will not be published. Required fields are marked *