Gold Price Today: Yellow Metal, Silver Drop, Experts Suggest Buy on Dips

Gold prices in India dipped slightly on Thursday tracking the global peers. On the Multi-Commodity Exchange (MCX), June gold futures plunged 0.33% to Rs 48,622 for 10 grams at 4.30 pm. July silver futures dropped 0.21 per cent lower at Rs 71,261 a kilogram.

In the international market, gold steadied off the key $1,900 level on Thursday, with gains held in check by an uptick in the dollar as investors awaited big-ticket US economic data that could offer cues on inflation and monetary policy.

Spot gold had inched 0.1% lower to $1,895.10 per ounce by 0917 GMT, after hitting its highest since Jan. 8 at $1,912.50 on Wednesday. US gold futures fell 0.3% to $1,898.50.

?International spot gold fell on Wednesday as the US Dollar ended solidly higher. Spot silver prices also ended in the red on Wednesday. While, the 10-year Treasury note gained for the first time in five sessions on Wednesday and also weighed on prices.  However, lack of any other major cues or economic calendar kept the downside limited in Wednesday,? said Sriram Iyer, Senior Research Analyst at Reliance Securities.

?International spot gold and silver prices have started weaker this Thursday morning in Asian trade ahead of release of pivotal data tonight. Technically, LBMA Gold Spot has given a sharp correction from $1912 levels forming a Evening Star Candlestick which is a sign for Bearish Reversal. However, it could see a bounced back from $1891-$1884 levels. Resistance is at $1899-$1909 levels. Technically, LBMA Silver holds a hurdle near $28.30 levels below which could see sideways momentum. However, strong breakout above the level could take prices up to $28.66-$29.20 levels. Support is at $26.95 $26.30 levels,? Iyer added.

?Technically, MCX Gold June could trade on sideways momentum within the range of Rs 48,500-48,900 levels. Technically, if MCX Silver July if sustains above Rs 71,000 level we could markets push up to Rs 71,900-72700 levels. Support is at Rs 70,700-69900 levels,? he added.

?Today traders are advise to go long and focus some important technical levels given below for the day: June Gold closing price Rs 48,784, Support 1 ? Rs 48,400, Support 2 ? Rs 48,100,  Resistance 1 ? Rs 49,100, Resistance 2 ? Rs 49,400. July Silver closing price Rs 71,411,  Support 1 ? Rs 70,500, Support 2 ? Rs 70,000, Resistance 1 ? Rs 72,300, Resistance 2 ? Rs 73,100,? said Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.

?A weak US dollar and lower US treasury yields continue to support gold’s safe haven status, and thus the demand of the commodity. Meanwhile, hopes of a swift global economic recovery and firm global equities are limiting major gains in the commodity. On MCX June, important resistance of Rs 49, 480 needs to be cleared for continuation of upticks. Or else, there are chances of corrective selling pressure. Anyhow, major support is placed at Rs 46,920,? said Hareesh V, research head commodities at Geojit Financial Services.

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