Gold share price today 19-05-2021: Expert says BUY Gold around Rs 48180 with a stop-loss of Rs 47920 for the target of 48700

Gold share price today 19-05-2021: Prithvi Commodities says that Gold and silver traded steady on Tuesday after a strong up move in the previous session. Both the precious metals were settled on a slightly positive note in the international markets. Gold June futures contracts were settled at $1868.00 per troy ounce with a gain of 0.02% and silver July futures contracts were settled at $28.33 per troy ounce with a gain of 0.22%. Due to strength in the rupee both the precious metals were settled on a slightly weaker note in the domestic markets. Gold June futures contracts were settled at Rs 48307 per 10 gram with a loss of 0.34% and silver July futures contracts were settled at Rs 73196 per one kilogram with a loss of 0.17%.

Prithvi Commodities says that the dollar index slipped to a 5-month low ahead of the U.S. Federal Reserve April month monetary policy minutes and benchmark 10-year bond yield traded steady on Tuesday. Weakness in the dollar and lower than expected U.S. housing data, supported precious metal prices in the international markets. Profit booking in the U.S. equities also supported gold and silver prices. Selling pressure in crypto currencies also supports prices of precious metals.

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Prithvi Commodities says, ahead of the U.S. Federal Reserve monetary policy meeting minutes, it expects both the precious metals to remain volatile in today’s session and inflation concerns and weakness in the dollar continue to support prices. Gold is having support at $1854-1840 per troy ounce and resistance at $1881-1894 per troy ounce; silver is having support at $28.00-27.70 per troy ounce and resistance at $28.60-28.88 per troy ounce. 

At MCX, gold is having support at Rs 48055 – Rs 47920 and resistance at Rs 48550 – Rs 48700; silver is having support at Rs 72700 – Rs 72200 and resistance at Rs Rs 73800 – Rs 74200 levels. Prithvi Commodities suggests buying in gold around Rs 48180 with a stop-loss of Rs 47920 for the target of 48700 and in silver around Rs 72700 with a stop-loss of Rs 71900 for the target of Rs 74200.