Gold Price Today, 6 July 2021: Gold trades at 2-week high, holds Rs 47,000; MCX silver above Rs 70,000 per kg

Gold costs moved above Rs 47,000 degree this month on July 2. Picture: Reuters

Gold Value Right this moment, Gold Value Outlook, Gold Value Forecast: Gold costs at the moment in India had been buying and selling at a two-week excessive, on the again of worldwide charges on a subdued greenback. On Multi Commodity Alternate, gold August futures had been buying and selling Rs 146 or 0.31 per cent up at Rs 47,445 per 10 gram, as towards the earlier shut of Rs 47,299. Gold costs once more moved above Rs 47,000 degree this month on July 2. Silver September futures had been up Rs 233 or 0.33 per cent at Rs 70,272 per kg. Within the earlier session, silver futures ended at Rs 70,039 per kg, regaining the essential Rs 70,000-mark final week. Globally, yellow metallic costs had been hovering near a two-week excessive on Tuesday, helped by a subdued greenback, whereas buyers awaited minutes from the US Federal Reserve’s June coverage assembly for extra readability on financial coverage going ahead, in accordance with Reuters. Spot gold was regular at $1,792.34 per ounce, after hitting its highest since June 18 at $1,794.86 on Friday. US gold futures rose 0.5 per cent to $1,792.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Analysis at Kotak Securities

COMEX gold trades close to $1799/oz up about 0.9% from Friday’s shut. Gold has edged up as US greenback and bond yields have weakened in response to combined US non-farm payrolls report. Additionally supporting gold worth is combined financial information from main economies and renewed virus issues. Nonetheless, weighing on worth is weaker investor curiosity and Fed’s financial tightening issues. Gold has edged up nonetheless it would maintain provided that US greenback index falls sharply.

NS Ramaswamy, Head of Commodities, Ventura Securities

Right this moment, we anticipate the MCX Gold Aug costs to commerce with optimistic bias. Speedy sturdy assist is seen at 46,800 degree which is 20 weeks shifting common. Costs are holding above the 20 weeks shifting common. On hourly chart, costs are hovering close to the 20 MA degree. Breaking above the 47,450 degree on hourly closing foundation, we may even see costs heading in direction of 48,000 degree for intraday. MCX SILVER Sep costs are additionally holding above the 20 weeks shifting common. Key assist is seen at 69,500 degree for intraday. If costs handle to commerce above 70,500 degree on hourly closing foundation, we may even see costs heading in direction of 71,500 degree for intraday.

Bhavik Patel, Senior Technical Analysis Analyst, Tradebulls Securities

Gold is close to to its psychological degree of $1800 and sentiment has began to shift regardless of bearish bets persevering with to dominate gold’s speculative market. Speculative lengthy positions have began getting added (5400 contracts) though speculative brief positions (6554 contracts) is extra evaluate to lengthy however addition of lengthy positions actually hints at shifting in sentiments. Sentiment within the silver market additionally seems to be turning bullish as hedge funds lined their bearish bets because the metallic managed to carry assist above $25.50 an oz.. The combined US employment quantity launched final week might trace that straightforward financial coverage might proceed for a chronic time. Tomorrows US Fed minutes would be the set off gold bulls are in search of to push costs above $1800. In MCX, purchase on dips technique must be used with assist coming round Rs 47150 and resistance at Rs. 47700.

Sandeep Matta, Founder, TRADEIT Funding Advisor

Vary certain bullish conduct of the gold continues and appears to have discovered its close to time period assist round $1750 an oz.. Central banks of many international locations are unveiling their plans to extend gold holding in close to time period as a elementary measure towards inflationary and different types of monetary dangers. The upper excessive formation on every day foundation is encouraging and looks as if yellow metallic is able to breach $1800 mark very quickly. Gold on MCX replicated the identical conduct as the worldwide market and closed on optimistic word. We’re optimistic on gold for the subsequent few days and worth surge is anticipated on technical parameters.

Key degree for GOLD AUG Contract – 47325
Purchase Zone Above – 47335 for the goal of 47440-47600
Promote Zone Beneath – 47300 for the goal of 47190-47100

(The views on this story are expressed by the respective specialists of analysis and brokerage agency. Monetary Categorical On-line doesn’t bear any duty for his or her recommendation. Please seek the advice of your funding advisor earlier than investing.)