Gold price today 25-05-2021: Expert says buy gold around Rs 48330, puts stop-loss at Rs 48050, target at Rs 48700

Gold price today 25-05-2021: Prithvi Commodities says that Gold and silver will rebound again on Monday amid dollar index trading near three months lows and pressure in crypto currencies. Both the precious metals were settled on a positive note in the international markets. Gold June futures contracts were settled at $1884.50 per troy ounce with a gain of 0.14% and silver July futures contracts were settled at $27.90 per troy ounce with a gain of 0.92%. Both the precious metals were also settled on a positive note in the domestic markets. Gold June futures contracts were settled at Rs 48553 per 10 gram with a gain of 0.31% and silver July futures contracts were settled at Rs 71811 per one kilogram with a gain of 1.07%.

The dollar index traded near three month lows and supported both the precious metals on Monday. Benchmark 10-year bond yield also slipped again from their recent peak. Crypto currencies are trading under pressure following the recent crash and also supported prices of gold and silver in international markets. Gold traded firm on Monday, edging back near last week’s 4-1/2 month highs amid weakness in the dollar and bond yield. Gold is trading above 200 DMA and inflation concerns continue to support prices of precious metal. Prithvi Commodities expect gold and silver prices to remain positive this week and gold could approach $1900 per troy ounce levels. This week’s U.S. GDP, unemployment claims and durable goods orders data give further directions to precious metal prices.

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Gold is having support at $1872-1858 per troy ounce and resistance at $1892-1904 per troy ounce; silver is having support at $27.55-27.30 and resistance at $28.20-28.58 per troy ounce. At MCX, gold is having support at Rs 48330 – Rs 48180 and resistance at Rs 48660 – Rs 48850; silver is having support at Rs 71200 - Rs 70700 and resistance at Rs 72200 – Rs 73000 levels. Prithvi Commodities suggests buying in gold around Rs 48330 with a stop loss of Rs 48050 for the target of Rs 48700 and in silver around Rs 71200 with a stop loss of Rs 70500 for the target of Rs 72500.