Gold price today 23-04-2021: Expert suggests buying at around Rs 47650 for target of Rs 48200

Gold price today 23-04-2021: Gold and silver prices dipped on Thursday after two days of gains as the U.S. labour markets continue to see improvement after pandemic and less American workers filed for first time unemployment benefits. Both the precious metals were settled on a weaker note in the international markets, Manoj Jain of Prithvi Finmart.

Jain said that Gold June futures contracts were settled at $1782.00 per troy ounce with a loss of 0.62% and silver May futures contracts were settled at $26.18 per troy ounce with a loss of 1.47%. Both the precious metals were also settled on a weaker note in the domestic markets. Gold June futures contracts were settled at Rs 47772 per 10 gram with a loss of 0.95% and silver May futures contracts were settled at Rs 69218 per one kilogram with a loss of 1.59%. The dollar index traded steady on Thursday and trading above 91 marks but initial jobless claims fall in the United States triggered profit taking in both the precious metals.

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The U.S. labour department said on Thursday, initial weekly jobless claims fell to 5,47,000 for the week ended on 17th April, down by 39,000 claims from the previous week’s revised level. According to the estimate, economists were expecting to see an increase of 6,07,000 claims against previous week’s claims of 5,86,000. As per the report this was the lowest level for initial jobless claims in the United States since March 14, 2020 when it was 2,56,000. Improvement in the job markets and weakness in the global crude oil prices push both the precious metals lower, highlights Jain.

However, overall fundamentals are still supportive for precious metals as the dollar index is trading near seven weeks low and coronavirus cases are rapidly increasing in India and Japan. We expect both the precious metals remain volatile amid volatility in the dollar index and the rupee and continue to find support at lower levels, says Jian.

Jain explains that Gold is having support at $1772-1758 per troy ounce and resistance at $1800-1814 per troy ounce; silver is having support at $25.88-25.55 per troy ounce and resistance at $26.60-26.88 per troy ounce. 

At MCX, gold is having support at 47500-47330 and resistance at 48000-48280; silver is having support at 68800-68500 and resistance at 69900-70400 levels.  Jain suggested buying in the gold around Rs 47650 with a stop loss of Rs 47300 for the target of Rs 48200.