Gold Price Today: MCX Gold up by Rs 243, MCX Silver dearer by Rs 660; bullion outlook positive, says analyst, suggests Buy

Gold Price Today: Gold prices extended gains for the fifth straight session on Tuesday, hovering around their two weeks highs it hit on Monday, a Motilal Oswal report said. The yellow metal will take cues from the preliminary manufacturing and services PMI data and US Federal Reserve Governor Jerome Powell, the report note.

The speech is expected around 9:50 pm India time.

The brokerage firm expects MCX Gold to trade with a positive bias for this session. It places a support between Rs 50800 and Rs 50580 while the resistance at Rs 51400 and Rs 51620.

As for international Gold spot price, support is seen at USD 1844-1832 while the resistance is seen at USD 1866-1878.

No buying or selling recommendation was made in the report.

Around 7:45 pm, June MCX Gold futures were trading at Rs 51150 per 10 gram and were up nearly 0.5 per cent or by Rs 243 from the Monday closing price.

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The brokerage firm also expects MCX Silver futures to trade positively for the remaining session. It places a support between Rs 61200 and Rs 60800 while the resistance at Rs 61900 and Rs 62250. The

 As for international Silver spot price, support is seen at USD 21.66-21.34 while the resistance is seen at USD 22.05-22.24.

July MCX futures were trading at Rs 61963 per kg around this time and were up nearly 1 per cent or by Rs 660 from the previous closing price on Monday.

Commodity and currency expert Anuj Gupta sees a positive outlook for bullion in the near term. Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities recommends a buy on June Gold Futures and July Silver futures.

The triggers for price movement in Gold and Silver is a softening in US Dollar and European Central Bank’s indication of raising interest rates to tame inflation, the expert said.       

Gold prices are expected to test levels between USD 1880 and USD 1900 in a week’s time, he further said. He sees support at USD 1820-1790 while resistance at USD 1860-1880.

Buy June MCX Gold futures around 50700. He puts support at Rs 50500-Rs 49800 while resistance at Rs 51700-Rs 52300.

As for Silver, he expects levels between USD 22.50-USD 23.

He suggests a buy on July Silver futures around Rs 60500. He puts support at Rs 60000-Rs 58500 while resistance at Rs 64000 and Rs 67000.    

In the physical markets, price of Gold in Delhi is around Rs 51500 per 10 gm while that of Silver is Rs 62000 per kg.

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)