Gold, Silver Price June 15: Expert say precious metals may remain volatile TODAY; suggests SELL, check key reason and price targets here

Gold price today 15/6/2021: Prithvi Commodities says that Gold and silver prices struggled again on Monday amid gains in the crypto currencies and rebound in the 10-year benchmark yield in the United States. Gold and silver were settled on a weaker note in the international markets. Gold August futures contracts were settled at $1865.90 per troy ounce with a loss of 0.71% and silver July futures contracts were settled at $28.04 per troy ounce with a loss of 0.04%. Both the precious metals were also settled on a weaker note in the domestic markets. Gold August futures contracts were settled at Rs 48523 per 10 gram with a loss of 0.78% and silver July futures contracts were settled at Rs 71879 per one kilogram with a loss of 0.48%.

Gold and silver prices slipped on Monday ahead of the U.S. Federal Reserve policy meet. Gold slipped to four weeks lows amid rebound in the 10-year benchmark yield to 1.49%. Both the precious metals were also dips amid rebound in the crypto currencies after a statement of Allen Musk to accept crypto currencies after its mining is completed. However, both the precious metals recovered from their day lows in the evening session. The U.S Federal Reserve two days policy meeting is starting from today and all eyes on the Federal Reserve officials comment on interest rates, inflation and the bond tapering program. The Federal Reserve could give a time table for monetary easing in this meeting and will also give directions to both the precious metals.

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Prithvi Commodities expect both the precious metals to remain volatile in today’s session and could face steep resistance at higher levels. Gold is having support at $1855-1844 per troy ounce and resistance at $1878-1888 per troy ounce; silver is having support at $27.70-27.40 per troy ounce and resistance at $28.40-28.70 per troy ounce. At MCX, gold is having support at Rs 48330 - Rs 48150 and resistance at Rs 48700 - Rs 48880; silver is having support at Rs 71400 – Rs 70900 and resistance at Rs 72200 – Rs 72700 levels. Prithvi Commodities suggests selling on rise in gold around 48700 with a stop loss of Rs 48920 for the target of Rs 48300 and in silver around Rs 72200 with a stop loss of Rs 72700 for the target of Rs 71200.