Gold Price Today – 24-05-2021 – What all is IMPACTING Yellow Metal, Silver on MCX today? Expert gives indicators, LEVELS to buy bullion

Gold was trading positively on Monday. At 4:36 pm Gold and Silver futures were up by Rs 136 and Rs 507 respectively on the MCX. Meanwhile, internationally too, the bullion stood strong on the back of a weaker US Dollar (USD) and fears around the global inflation scenario. Gold is considered as a haven for investment amid economic uncertainties.  

Gupta maintains his target on Gold and Silver in the near term. In the international market, Gold was trading at USD 1882. He expects the yellow metal to reach levels around USD 1920 in the near term.   

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As for Silver, the price in international market at the time of filing this copy was USD 27.80. It is expected to reach USD 29, this technical analyst said.   

Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities remained bullish on Gold and Silver maintaining his Buying position. He said that fears around global inflationary situation and weaker were the near term indicators for price movement in Gold and Silver. The Indian prices are expected to take cues from the global markets he said. 

For Monday, he said that there appears no strong indicators that could significantly push prices either way. 

MCX Gold, Silver trading strategy  

MCX June Gold futures were trading around Rs 48540 per 10 gm around this time, up by almost 0.3 per cent from the previous closing price on Friday. Gupta advised a Buy on June Gold futures at levels around Rs 48,400. He puts the stop loss at Rs 48,100 while the target price at Rs 49,000 on the intraday basis.  

Meanwhile, MCX July Silver Futures were trading at Rs 71,556 per kg around this time, going up by almost 0.7 per cent from the previous closing price on Friday. He recommended a Buy in Silver futures at levels around Rs 70,700. He puts the stop loss at Rs 70,200 while the target price at Rs 72,200.  

Meanwhile, brokerage firm Motilal Oswal maintains a positive bias on MCX Gold with strong support between Rs 48,400 and Rs 48,230. It sees the resistance between Rs 48,770 and Rs 48,900 levels. It recommends a Buying is advised as long as the price remains above the support zone. 

Motilal Oswal, sees a MCX silver to trade in a rangebound manner today with a support between Rs 71,150 and Rs 70,800 and resistance between Rs 71,800 and Rs 72,150.        

In the physical markets, Gold was trading at Rs 50,000 while Silver was trading around Rs 74,500. Though, shops are closed in the national capital, one can still buy gold and jewellery online or through one’s trusted jewellers.