Gold share price today 11-05-2021: Buy gold around Rs 47800, says analyst

Gold share price today 11-05-2021: Analysts at Prithvi Commodities say that Gold and silver showed mixed trends on Monday; gold extended gain following weak U.S. data but silver showed some profit-taking amid weakness in the base metals. Both the precious metals settled on a mixed note in the international markets. Gold June futures contracts settled at $1837.60 per troy ounce with a gain of 0.31% and silver July futures contracts settled at $27.49 per troy ounce with a loss of 0.25%. However, both the precious metals settled on a positive note in the domestic markets.

Gold June futures contracts settled at Rs 47951 per 10 gram with a gain of 0.42% and silver July futures contracts settled at Rs 71544 per one kilogram with a gain of 0.16%. Gold prices hit three months high and silver prices also hit 2-1/2 months high in early trading session on Monday. Follow through buying was seen in the gold after last week’s weaker than expected U.S. job reports and weakness in the dollar. However, silver prices showed some profit taking at higher levels after China imposed fresh margins in all base metal contracts to curb speculative buying. FOMC member Evans also clarified again in his late night speech yesterday that the U.S. Federal Reserve monetary policy remains accommodative for a longer period until the economy comes on track.

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Prithvi Commodities expect both the precious metals remain volatile in today’s session and gold could approach $1850 per troy ounce levels. Gold is having support at $1824-1810 per troy ounce and resistance at $1850-1866 per troy ounce; silver is having support at $27.20-26.70 per troy ounce and resistance at $27.84-28.20 per troy ounce. At MCX, gold is having support at Rs 47800 – Rs 47580 and resistance at Rs 48055 – Rs 48250; silver is having support at Rs 71100 – Rs 70400 and resistance at Rs 72000 – Rs 72700 levels. 

Prithvi Commodities suggested buying in gold around Rs 47800 with stop loss of Rs 47580 for the target of Rs 48200 and in silver around Rs 71000 with stop-loss of Rs 70200 for the target of Rs 72500.