Gold price on Akshaya Tritiya: Precious metals trade under pressure, gold hovers near Rs 60,000 level, should you buy?

Gold price on Akshaya Tritiya: Yellow metal in the domestic market on Friday traded lower ahead of Akshaya Tritiya. 

On MCX, gold futures (June 5) was down by Rs 248 or 0.41 per cent to Rs 60,255 per 10 grams. Meanwhile, Silver futures (May 5) were down by Rs 311 or 0.41 per cent at Rs 75,190 per 10 grams.

“The COMEX gold is lower in Asian hour on the back of series of weak macroeconomic indicators brewed concerns over slowing growth and fed into safe-haven demand for the yellow metal. The Philadelphia Fed manufacturing index fell more than expected in April, data showed on Thursday, while weekly jobless claims rose more than expected. U.S. home sales also slowed substantially in March. The dollar index is trading near the 101.5 mark. The COMEX gold is having support near $2,006 and resistance at $2,026,” said NS Ramaswamy, Head of Commodities, Ventura Securities.

In the international market, Comex gold was down by 0.66 per cent to $2,005.8 per ounce. 

Spot gold was down by 0.48 per cent in the international market and stood at $1994.7 per ounce.

What analyst suggests? 

“Gold prices have been seen consolidating at lower levels, however, recovered to above 2000 $ despite hawkish commentaries from Fed officials as the market seems to have priced in 25 bp rate hikes in the next US Fed meet due on May 3, said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

She added, however, moving we could still continue to see range-bound movement in day trade while the next crucial triggers include the US GDP figure due on April  27 and US Fed to deliver its final comments in the next meeting on May 3 regarding pausing its rate hikes.

Qureshi suggests selling gold June futures on the rise at 60,500, keeping a stop loss of Rs 60,700 and a target price of Rs 60,100. For the Silver May contract, she suggests selling on the rise at Rs 76,000, with a stop loss of Rs 77,000 and a target of Rs 74,000.

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold price (22k) in India (April 21, 2023) 

(Disclaimer: These are indicative prices collected from trusted sources. Investors are recommended to check prices with their jeweller before investing/purchasing.)

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