Gold Price TODAY June 14: Expert suggests BUY on yellow metal; check target HERE

 
Gold price today 14/6/2021: Prithvi Commodities says that Gold and silver struggle amid gains in the dollar index ahead of the U.S. Fed policy meet. The Trend will remain volatile. On Friday, gold and silver prices were settled on a mixed note in the international markets. Gold August futures contracts were settled at $1,879.25 per troy ounce, down by 0.90% and silver July futures contracts were settled at $28.05 per troy ounce, up by 0.06%. Domestic markets were also settled on a mixed note. Gold August futures contract settled at Rs 48903 per 10 grams with a loss of 0.60%, and Silver July futures contract settled at Rs 72227 per kilogram with a gain of 0.32%.

Gold and silver prices corrected again on Friday, gold after breaching $1900 per troy ounce slipped again. The dollar index climbed again on Friday and showed its highest weekly gain since early May. The dollar index gained ahead of the U.S. Federal Reserve forthcoming monetary policy meeting on 15-16th June. The dollar index also gets support from the weakness in the Euro and Pound. The higher than expected consumer price index data released last week in the United States are discounted by the traders. As most of the analysts assume that the current spike in the prices of goods and services are temporary and not sustainable. However, the benchmark 10-year bond yields plunged last week and settled below 1.46%.

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Prithvi Commodities expect both the precious metals to remain volatile this week ahead of the U.S. Federal Reserve policy meet and gold is expected to hold crucial support of $1850 per troy ounce while silver is also expected to hold $27.55 per troy ounce levels. Gold has support at $1868-1854, while resistance at $1892-1904 per troy ounce. Silver has support at $27.70-27.40, while resistance is at $28.40-28.70 per troy ounce. At MCX, Gold is having support at 48750-48550 and resistance at Rs 49100 – Rs 49380; silver has support at Rs 71700 – Rs 71200 and resistance at Rs 72500 – Rs 73100 levels. Prithvi Commodities suggest buying in gold on dips around Rs 48750 with a stop loss of Rs 48500 for the target of Rs 49200.