Gold share price today 5-05-2021: BUY Gold around Rs 46700 with a stop-loss of Rs 46440 for the target of Rs 47100

Gold share price today 5-05-2021: Prithvi Commodity says that Gold and silver showed roller coaster moves on Tuesday, both the precious metals gained in early trading sessions and slipped again from higher levels. Gold and silver settled on a weaker note in the international markets. Gold June futures contracts were settled at $1776.00 per troy ounce with a loss of 0.88% and silver July futures contracts were settled at $26.56 per troy ounce with a loss of 1.48%. Both the precious metals were also settled on a weaker note in the domestic markets. Gold June futures contracts were settled at Rs 46871 per 10 gram with a loss of 0.95% and silver July futures contracts were settled at Rs 69649 per one kilogram with a loss of 1.76%. Gold and silver gained in early trading session yesterday and gold almost test $1800 marks in international markets but hawkish comment of U.S. Treasury secretary Jennet Yellen on raising interest rates spooked the market in the evening session. 

Speaking in a webinar hosted by The Atlantic, Yellen warned that interest rates might have to rise to stop the U.S. economy from overheating. "It may be that interest rates will have to rise somewhat to make sure that our economy doesn't overheat, even though the additional spending is relatively small relative to the size of the economy," she said in the presentation, catching the marketplace by surprise. Yellen's comment was totally in contrast to recent comment from the U.S. Federal Reserve chairman Jerome Powell that interest rates will not rise soon. Looking at the uncertainty on the U.S. interest rates we expect both the precious metals remain volatile in today’s session ahead of the ADP non-farm payroll data, highlights Prithvi Commodities.

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Gold is having support at $1766-1750 per troy ounce and resistance at $1788-1800 per troy ounce; silver is having support at $26.20-25.70 per troy ounce and resistance at $26.88-27.20 per troy ounce. At mcx, gold is having support at Rs 46600 – Rs 46380 and resistance at Rs 47055 – Rs 47300; silver is having support at Rs 69100 – Rs 68500 and resistance at Rs 70400 – Rs 71000. Prithvi Commodity suggests buying in the gold around Rs 46700 with a stop loss of Rs 46440 for the target of Rs 47100.