Gold share price today 29-04-2021: Rates near Rs 47000, investors can target Rs 47480

Gold share price today 29-04-2021: Prithvi Commodity in its report says that Gold and silver prices plunged on Wednesday ahead of the U.S. Federal Reserve meeting outcomes and both the precious metals were settled on a weaker note. Gold June futures contracts were settled at $1773.90 per troy ounce with a loss of 0.28% and silver May futures contracts were settled at $26.09 per troy ounce with a loss of 1.21%. Both the precious metals were also settled on a weaker note in the domestic markets. Gold June futures contracts were settled at 47093 per 10 gram with a loss of 0.44% and silver May futures contracts were settled at 67786 per one kilogram with a loss of 1.70%.

Prithvi Commodity highlights Gold and silver opened on a weaker note amid rebound in the dollar index from seven weeks low and strength in U.S. 10-year bond yields ahead of Federal Reserve meeting outcomes pushed both the precious metals lower on Wednesday. However, the U.S. Federal Reserve left key interest rates unchanged between 0-0.25% and continued its bond buying program. The U.S. Federal Reserve said in a statement that, amid progress on vaccinations and strong policy support, indicators of economic activity and employment have strengthened. The sectors most adversely affected by the pandemic remain weak but have shown improvement. Inflation has risen, largely reflecting transitory factors.

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Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses. After dovish Fed statements we expect the dollar index could show weakness and support both the precious metals. Prithvi Commodity said it expects gold could retest $1800 per troy ounce levels again.

Prithvi added, gold is having support at $1762-1750 per troy ounce and resistance at $1788-1800 per troy ounce; silver is having support at $25.84-25.55 per troy ounce and resistance at $26.40-26.70 per troy ounce. At MCX, gold is having support at Rs 46920 – Rs 46800 and resistance at Rs 47330 – Rs 47480; silver is having support at Rs 67500 – Rs 67100 and resistance at Rs 68200 – Rs 68800 levels. Prithvi Commodity suggests buying in gold around Rs 47000 with a stop-loss of Rs 46780 for the target of 47480 and in silver around 67500 with a stop-loss of 67100 for the target of Rs 68500.