Gold share price today 10-05-2021: Buy gold around Rs 47600 with stop-loss of Rs 47300, target of Rs 48100

Gold share price today 10-05-2021: Prithvi Commodity said that Gold and silver gained last week after disappointing U.S. job reports and weakness in the dollar. The Trend is positive. On Friday, gold and silver prices settled on a positive note in the international markets. Gold June futures contracts settled at $1,831.95 per troy ounce, up by 0.89% and silver July futures contracts settled at $27.56 per troy ounce, up by 0.29%. Due to strength in the rupee domestic markets settled on a mixed note. Gold June futures contract settled at Rs47,751 per 10 grams with a gain of 0.33%, and silver July futures contract settled at Rs71,429 per kilogram with a loss of 0.35%. Gold and silver rallied last week amid disappointing U.S. job reports and weakness in the dollar index.

Gold crossed psychological resistance of $1800 per troy ounce last week in the international market. The dollar index plunged to nearly three months' low on Friday amid disappointed U.S. non-farm payroll data for the month of April and decline in the benchmark 10-year bond yields. Nonfarm payrolls increased by only 2,66,000 jobs last month after rising by 7,70,000 in March, the U.S. labour department said in its closely watched employment report. Economists polled by Reuters had forecast a rise of 9,78,000 jobs. Unemployment rate also rose to 6.1% against expectation of 5.8% and March month rate of 6.0%. After disappointed data the 10-year benchmark yield also slipped below 1.50% before settling down at 1.579%. After weaker than expected non-farm payroll data it is expected that interest rates in the United States remain soft for a longer period and continue to support precious metal prices, highlights Prithvi Commodities.

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Prithvi Commodity expects both the precious metals remain volatile this week and any decline in the prices would be buying opportunity in gold and silver. Gold has support at $1818-1804, while resistance at $1844-1858 per troy ounce. Silver has support at $27.10-26.80, while resistance is at $28.00-28.30 per troy ounce. At MCX, gold is having support at 47550-47400 and resistance at 47980-48220; silver is having support at 70900-70200 and resistance at 72100-72800. Prithvi Commodities suggested buying in gold around 47600 with a stop-loss of Rs 47300 for the target of Rs 48100 and Buy in silver around Rs 71100 with a stop loss of Rs 70400 for the target of Rs 72500.