Gold Price Today, 1 June 2021: Gold nears Rs 50,000 on positive global cues; check support, resistance levels

Gold costs have to commerce above 49550 ranges persistently to increase the positive factors in direction of 49668/49750 ranges. Picture: Reuters

Gold Value In the present day, Gold Value Outlook, Gold Value Forecast: Gold and silver costs had been buying and selling increased in India on Tuesday, on the again of constructive worldwide traits, the place gold surged to a close to five-month excessive of $1,914.26 on a weaker US greenback and inflation considerations. On Multi Commodity Change, gold August futures had been buying and selling Rs 134 or 0.23 per cent up at Rs 49,484 per 10 gram, as towards the earlier shut of Rs 49,349. Silver July futures had been ruling at Rs 72,668 per kg, up Rs 800 or one per cent on MCX. Silver futures ended at Rs 71,898 pe kg within the earlier session. Globally, spot gold was up 0.2 per cent at $1,911.45 per ounce. The greenback index was down 0.26% towards its rivals at 89.757. Amongst different treasured metals, silver gained 0.6 per cent to $28.22 per ounce whereas platinum climbed 0.5 per cent to $1,192.22, in line with Reuters.

Rahul Gupta, Head of Analysis-Forex at Emkay Global Financial Services

The subdued greenback is supporting the gold costs. The greenback stays on the again foot as hopes of additional stimulus and regular vaccinations within the West, bettering the demand for gold. The one uncertainty is the Federal Reserve’s subsequent transfer amid rising inflation. Additionally, this week’s US NFP information if the headline US jobs figures print upbeat information, then merchants might have an extra purpose to consider that Fed might trace at charge hikes earlier than anticipated, in flip underpinning the US greenback and dragging gold costs. In MCX Gold, costs have opened with a constructive hole as we speak. Costs have to commerce above 49550 ranges persistently to increase the positive factors in direction of 49668/49750 ranges. Weak point under 49400 will set off a dip in direction of 49245. A day by day shut under this stage will set off additional draw back in direction of 48900 ranges within the counter through the coming classes.

Bhavik Patel, Senior Technical Analysis Analyst, Tradebulls Securities

Gold has risen above $1900 because the Federal Reserve shouldn’t be able to tighten its ultra-loose financial coverage whilst inflation pressures proceed to rise. Gold market is benefiting as actual rates of interest stay in traditionally low unfavourable territory. A look at US Treasury yields makes it clear that US Fed is in no hurry to vary its stance. Gold’s subsequent transfer will come this Friday when the U.S. Labor Division releases its nonfarm payrolls report for Might. A disappointing nonfarm payroll might push gold costs additional upside whereas higher than anticipated numbers might see US greenback and yields pivot increased. In MCX, Gold has simply entered the overbought zone round 69.58 and was underperforming in comparison with COMEX as a consequence of robust Indian rupee. Subsequent resistance comes round 49,800 which was the extent final seen in Jan 2021. Main help comes at 48,200 and we’d advocate purchase on dips and any lengthy place at present juncture needs to be held with a strict stoploss of 48,800 the place the 200 day shifting common is.

NS Ramaswamy, Head of Commodities, Ventura Securities

We count on the MCX Gold Aug costs to commerce constructive for intraday. The RSI indicator on the day by day chart is suggesting the energy in momentum on the upside. Additionally, costs have managed to carry above the important thing averages from the previous couple of buying and selling classes. We count on MCX GOLD Aug costs to achieve the 50,000 stage within the coming classes. On the draw back, the 48,800 stage would be the key fast help for the costs. On the Comex entrance, Gold costs are holding above the important thing stage of $1900/ounce. So long as costs are above this stage, they’re prone to head in direction of $2000 stage in coming classes.

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

COMEX gold trades marginally increased by 0.35% close to $1912/oz after a 0.4% acquire on Friday. Gold continues to carry above $1900/oz as Fed and different central banks emphasize on persevering with with free financial coverage. Nevertheless, ETF outflows and weaker demand in India amid persevering with virus associated restrictions would possibly cap the positive factors. Gold has continued to carry above $1900/oz nevertheless any sustained rise could also be challenged by pause in US greenback index fall.

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