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Gold price today, 19 May 2021: Gold trades flat, MCX silver gives up Rs 73,000; analysts say ‘buy on dips’

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Gold Rate Today, Gold Price Today in IndiaResurgence of COVID-19 pandemic in sure Asian international locations is hurting international market sentiments

Gold Value Right now, Gold Value Outlook, Forecast: Gold costs had been buying and selling flat in India on Wednesday, at the same time as worldwide spot traded with good points on a weaker US greenback. Additionally, a fall in US Treasury yields aided the up transfer within the yellow metallic. The weak US information helped to ease fears of out-of-control inflation and bets that the US, stated an analyst. On Multi Commodity Alternate, gold June futures had been buying and selling on a flat word at Rs 48,309 per 10 grams, as towards the final shut of Rs 48,307. Silver July futures had been ruling Rs 456 or 0.62 per cent down at Rs 72,740 per kg, slipping under the essential 73,000-mark. Within the earlier session, silver futures ended at Rs 73,196 per kg. “MCX Gold June futures opened on a adverse word and had been buying and selling above the resistance zone of 47900-48150. If costs commerce on the downwards facet, then 48200-48000 ranges could also be examined. This dip may act as a shopping for alternative for the buyers,” Kshitij Purohit, Lead Commodities & Foreign money at CapitalVia World Analysis, instructed Monetary Categorical On-line.

Within the worldwide market, gold continued to achieve and touched a four-month excessive of $1875.04 earlier within the session as a weaker US greenback and rising value stress lifted bullion’s attraction as an inflation hedge. Nevertheless, a rise in US 10-year Treasury yields to 1.65% restricted good points, stated an analyst. “Issues about accelerating inflation and warning forward of the FOMC assembly minutes is more likely to weigh on danger urge for food in right this moment’s session,” Jigar Trivedi is a Elementary Analysis Analyst at Anand Rathi Shares and Inventory Brokers, instructed Monetary Categorical On-line.

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Additionally, the resurgence of the COVID-19 pandemic in sure Asian international locations is hurting international market sentiments. “Traders will intently watch FOMC minutes right this moment to achieve some perception on the Federal Reserve coverage outlook after a pointy rise in US inflation to 12-year excessive ranges in April. So, we might even see good points in gold right this moment on safe-haven,” Trivedi added.

On the COMEX entrance, gold was buying and selling marginally decrease close to $1866/oz after a close to flat shut within the earlier session. Gold has corrected after testing February highs on Tuesday as market gamers positioned for FOMC minutes later right this moment which can give extra readability on Fed’s financial coverage stance, stated Ravindra Rao, CMT, EPAT, VP — Head Commodity Analysis, Kotak Securities Ltd. Gold ETF buyers additionally moved to the sidelines. “Nevertheless, supporting costs are Center-east tensions and combined financial information from main economies. Gold might stay sideways to decrease as Fed’s dovish stance is essentially anticipated,” he added.

(The views on this story are expressed by the respective consultants 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.)

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