Gold Price in India: Gold futures traded higher in the morning session on Wednesday, May 5, but faced resistance at Rs 47,000 and fell about 200 points. On the Multi Commodity Exchange (MCX), gold futures for June 4 delivery last traded down Rs 44, or 0.09 percent, to Rs 46,827, hovering between Rs 46,826 and 47,466 per session, up from just before. their previous close at Rs 46,871. Silver futures for May 5 delivery fell 1.45% at INR 68,434. (Read also: Silver is the new gold?)
– IBJA (@ IBJA1919) May 5, 2021
According to the industry organization India Bullion and Jewelers Association (IBJA), the domestic spot price for gold opened at Rs 46,767 per 10 grams on Wednesday and silver at Rs 69,030 per kilogram – both rates excluding GST.
What analysts say:
‘MCX Gold traded in June with negative dynamics in the evening session. The bottom support for the metal is 46,700. Resistance for the metal is 47,500, ”said Kshitiy Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited.
“Silver MCX has shown negative movement and is trading below the 70700 level. Silver markets first pulled back during the trading session on Tuesday, but then reversed and broke much higher,” added Mr Purohit.
“Gold has stabilized as market participants assessed the Fed’s monetary policy stance amid mixed comments from Fed officials and the US Treasury Secretary and mixed economic data. Among other factors, support from persistent viral risks, inflation concerns and US stimulus measures are countered by weaker investor interest and consumer concerns in India, ” said Ravindra Rao, vice president of commodity research at Kotak Securities.