Gold Price TODAY June 8: Expert recommends BUY on yellow metal; check stop loss and target HERE

Gold price today 7/6/2021: Prithvi Commodities Gold and silver extends gain on Monday ahead of the U.S. inflation data. Both the precious metals were settled on a positive note. Gold August futures contract were settled at $1898.80 per troy ounce with a gain of 0.25% and silver July futures contracts were settled at $28.02 per troy ounce with a gain of 0.35%. Both the precious metals were also settled on a positive note in the domestic markets. Gold August futures contracts were settled at 49143 per 10 gram with a gain of 0.30% and silver July futures contracts were settled at 71817 per one kilogram with a gain of 0.39%.
 
Prithvi Commodities says that Gold and silver prices slipped in early trading yesterday but bargain buying at lower levels supported prices of both the precious metals. Yesterday there was no economic data release from the United States and the market is eying Thursday's consumer price index data for further directions. Ahead of the U.S. CPI data the U.S. Treasury Secretary Jennet Yellen said to reporters that, Biden administration's spending package would be healthy for the economy, even if it causes higher interest rates and higher inflation. After her statement the dollar index slipped again and supported prices of both the precious metals. Higher inflation concerns are supporting prices of both the precious metals in the international markets. The benchmark 10-year bond yield also traded steady on Monday below 1.57%.
 

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Prithvi Commodities expect both the precious metals to remain volatile in today’s session and gold could cross $1900 levels again and silver could also test $28.50 per troy ounce levels. Gold is having support at $1886-1872 and resistance at $1912-1921 per troy ounce; silver is having support at $27.70-27.44 per troy ounce and resistance at $28.40-28.70 per troy ounce. At MCX, gold is having support at Rs 48980 – Rs 48750 and resistance at Rs 49330 – Rs 49550; silver is having support at Rs 71200 – Rs 70700 and resistance at Rs 72200 – Rs 73000 levels. Prithvi Commodities suggests buying in gold on dips around Rs 49000 with a stop loss of Rs 48750 for the target of Rs 49550 and in silver around Rs 71300 with a stop loss of Rs 70600 for the target of Rs 72500.