Gold share price today 4-05-2021: BUY Gold around Rs 47100, stop-loss of Rs 46880 and target Rs 47600

Gold share price today 4-05-2021: Prithvi Commodity, in its report, said that Gold and silver prices showed a solid comeback on Monday amid perceived bargain buying, weakness in the dollar index and soft 10-year benchmark bond yields. Both the precious metals hit nine week highs on Monday. Gold June futures contracts were settled at $1791.80 per troy ounce with a gain of 1.31% and silver July futures contracts were settled at $26.96 per troy ounce with a gain of 4.05%. Both the precious metals were also settled on a positive note in the domestic markets. Gold June futures contracts were settled at Rs 47319 per 10 gram with a gain of 1.25% and silver July futures contracts were settled at Rs 70900 per one kilogram with a gain of 3.71%.

The dollar index slipped again and 10-year benchmark yields also dipped to 1.61% and supported both the precious metals. As per the latest data release from the United States, Institute of Supply Management (ISM) momentum in the manufacturing sector slows down slightly and supports prices of both the precious metals. Gold is inching closer to test $1800 per troy ounce in the international markets. The ISM said its manufacturing index showed a reading of 60.7% for April, down from March’s reading of 64.7%. The data missed expectations as consensus forecasts were calling for a reading around 65.0%. On the other hand, record rise in coronavirus cases in India and Japan are also supported safe haven buying in precious metals, highlights Prithvi Commodities.

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Prithvi Commodity says that it expects both the precious metals remain volatile in today’s session and could continue to hold its support levels. Gold is having support at $1778-1766 per troy ounce and resistance at $1800-1822 per troy ounce; silver is having support at $26.60-26.20 per troy ounce and resistance at $27.20-27.60 per troy ounce. At mcx, gold is having support at Rs 47100 – Rs 46880 and resistance at Rs 47550 – Rs 47700; silver is having support at Rs 70400 - Rs 69800 and resistance at Rs 71400 – Rs 71900 levels. Prithvi Commodity suggests buying in gold around Rs 47100 with a stop loss of Rs 46880 for the target of Rs 47600 and in silver around Rs 70400 with a stop loss of Rs 69800 for the target of Rs 71600.