Gold price today 4/6/2021: Prithvi Commodities says that Gold and silver crashed on Thursday after upbeat U.S. ADP non-farm employment and unemployment claims data. Both the precious metals were settled on a weaker note in the international markets. Gold August futures contracts were settled at $1873.30 per troy ounce with a loss of 1.92% and silver July futures contracts were settled at $27.48 per troy ounce with a loss of $2.48 per troy ounce. Both the precious metals were also settled on a weaker note in the domestic markets. Gold August futures contracts were settled at Rs 48677 per 10 gram with a loss of 1.86% and silver July futures contracts were settled at Rs 70810 per one kilogram with a loss of 2.57%. Gold and silver crashed after upbeat U.S. economic data released yesterday.
 
Prithvi Commodities says that Gold prices hit two-week lows and silver prices hit three-week lows after better than expected U.S. non-farm employment data and unexpected decline in unemployment claims. The U.S. non-farm employment showed a reading of 9,78,000 against expectations of 6,45,000 while unemployment claims fell to 3,85,000 against expectations of 4,00,000. After upbeat U.S. economic data, the dollar index gained around 0.50% and crossed its resistance level of 90.40 again and benchmark 10-year bond yields also climbed above 1.60%. Heavy profit taking in both the precious metals was observed after strong U.S. data. Today’s U.S. job report for the month of May gives further directions to both precious metals.
 

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Prithvi Commodities says that expect both the precious metals to remain volatile in today’s session and gold could test $1850 levels again while silver could also test its key support level of $27.00 per troy ounce once again. Gold is having support at $1858-1844 per troy ounce and resistance at $1884-1900 per troy ounce; silver is having support at $27.14-26.88 per troy ounce and resistance at $27.80-28.20 per troy ounce. At MCX, Gold is having support at 48440-48150 and resistance at 48920-49100; silver is having support at Rs 70100 – Rs 69500 and resistance at Rs 71500 – Rs 72200 levels. Prithvi Commodities suggests selling in gold on a rise around Rs 48920 with a stop loss of Rs 49150 for the target of Rs 48440.