Gold Price Today - Yellow metal to remain VOLATILE today; expert recommends a BUY but warns against this
Gold price today 28-05-2021: Prithvi Commodities says that Gold and silver showed extreme volatility on Thursday amid rebound in benchmark 10-year bond yields and decline in unemployment claims in the United States. Both the precious metals were settled on a mixed note. Gold June futures contracts were settled on a slightly weaker note at $1895.70 per troy ounce with a loss of 0.29% and silver July futures contracts were settled on a slightly positive note at $27.94 per troy ounce with a gain of 0.22%
Gold price today 28-05-2021: Prithvi Commodities says that Gold and silver showed extreme volatility on Thursday amid rebound in benchmark 10-year bond yields and decline in unemployment claims in the United States. Both the precious metals were settled on a mixed note. Gold June futures contracts were settled on a slightly weaker note at $1895.70 per troy ounce with a loss of 0.29% and silver July futures contracts were settled on a slightly positive note at $27.94 per troy ounce with a gain of 0.22%.
Prithvi Commodities says that they expect both the precious metals to remain volatile in today’s session ahead of U.S. personal income and personal spending data and expected to hold its support levels. Gold is having support at $1884-1872 per troy ounce and resistance at $1904-1914 per troy ounce; silver is having support at $27.70-27.40 per troy ounce and resistance at $28.30-28.66 per troy ounce.
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Both the precious metals also settled on mixed notes in the domestic markets. Gold June futures contracts were settled at Rs 48581 per 10 gm with a loss of 0.42% and silver July futures contracts were settled at Rs 71719 per one kg with a gain of 0.43%.
At MCX, gold is having support at 48350-48180 and resistance at 48800-49050; silver is having support at Rs 71200 – Rs 70700 and resistance at Rs 72400 -Rs 73000 levels.
Prithvi Commodities suggests buying in gold around Rs 48500 with a stop-loss of Rs 48180 for the target of Rs 49000 and in silver around Rs 71300 with a stop-loss of Rs 70700 for the target of Rs 73000.
The dollar index traded steady on Thursday but benchmark 10-year bond yields gained after decline in unemployment claims and restricted gains in gold. Unemployment claims in the United States fell to 4,06,000 against expectations of 4,27,000 and preliminary quarterly GDP reading came at 6.4% against expectations of 6.5%.
The benchmark 10-year bond yields crossed 1.61% levels again and restricted gains in precious metals. However, a decline in durable goods orders to 1.3% against expectations of a rise of 0.8% supported precious metal prices at lower levels.
Silver prices also get support after strong gains in base metal prices. Base metal gained on Thursday after Chinese clarification on curbing speculative move in commodities. Strength in base metals supported prices of silver, says Prithvi Commodities.
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