MCX Gold, MCX Silver Price Today: Weakness in MCX Gold and Silver futures continued on Thursday on domestic and global cues. While strength in US Dollar index and rebound in treasury yields have capped gains for bullion, concerns around inflation and Russia-Ukraine conflict have arrested the fall in precious metals. The rebound in equity markets have also taken some sheen off the yellow metal.

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Today, June MCX Gold Futures were trading at Rs 52539 per 10 gram around 11:15 am and were down by nearly Rs 90 or 0.2 per cent. Expert Anuj Gupta recommends a ‘BUY’ on June Gold futures at Rs 52400 with a stop loss of Rs 52050 and target price of Rs 53100.

Meanwhile, May MCX Silver futures were trading down by Rs 253 or nearly 0.4 per cent at Rs 68153 per kg. He recommends a buy on MCX Silver futures at Rs 68000 with a stop loss of Rs 67350 and price target of Rs 69200.

Spot Gold may test USD 1980 and silver may test USD 26 levels very soon, Gupta said.

Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities  

“COMEX gold trades mixed near USD 1955/oz after a 0.2% decline yesterday. Gold has stalled after recent losses as US dollar index and bond yields came off the highs. However, stability in equity market has reduced gold’s appeal as an alternative asset. Gold ETF investors have also moved to sidelines awaiting more clarity. Gold has retreated after closing in on USD 2000/oz level however price seems to have steadied near USD 1950/oz. With mixed factors, prices may remain range bound however we may see some selling pressure if equities manage to build on recent gains.”

Brokerage firm Motilal Oswal expects Gold and Silver futures to trade within a range. It places support at Rs 52300-Rs 52000 while resistance at Rs 52900-Rs 53100. In the international market, spot gold has support at USD 1940 – USD 1928 while resistance at USD 1962-1965.

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The Silver spot price has support at USD 24.85-USD 24.68 whereas resistance at USD 25.22-25.38.

No buying or selling recommendation was give by it.

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)