Gold rate today: Yellow metal trades flat near Rs 46,400 per 10 grams; analysts suggest buy on dips

Updated : April 08, 2021 11:30 AM IST

Lending support to gold, the US dollar tracked Treasury yields lower and traded near a more than two-week low versus major peers on Thursday.

Gold prices in India traded flat on the Multi Commodity Exchange (MCX) Thursday following a muted trend in the international spot prices, while silver prices gained.

At 11:20 am, gold futures for June delivery rose 0.05 percent to Rs 46,384 per 10 grams as against the previous close of Rs 46,362 and opening price of Rs 46,299 on the MCX. Silver futures traded 0.36 percent higher at Rs 66,876 per kg. The prices opened at Rs 66,400 as compared to the previous close of Rs 66,634 per kg.

“Gold is expected to see choppy trade. But, the bias for gold prices remains on the upside on dovish central bank stance, weakness in rupee and rising COVID-19 cases in the country,” said Ajay Kedia, director, Kedia Advisory.

International gold prices steadied after early falls on Thursday, as market participants weighed the US Federal Reserve’s commitment to keep interest rates low for some time against likely higher inflation, said a Reuters report.

Spot gold was flat at $1,737.89 per ounce. US gold futures fell 0.1 percent to $1,739.20 per ounce.

Fed officials are committed to supporting the economy until its recovery is more secure, minutes of the US central bank’s most recent policy meeting released on Wednesday showed.

Meanwhile, lending support to gold, the US dollar tracked Treasury yields lower and traded near a more than two-week low versus major peers on Thursday.

“Concerns over local lockdowns in India and its economic impact may lift safe-haven appeal for the precious metals and the recent weakness in rupee may also support both precious metals. Hence, buy on dips strategy can be useful,” Kedia said.

According to Kedia, gold may find support at Rs 46,050 and resistance at Rs 46,600. Support for silver is seen at Rs 65,100 and resistance at Rs 67,600, he added.

Here are gold rates across major cities:

Here are silver rates across major cities:

(Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.)

Published : April 08, 2021 11:29 AM IST

Gold rate today: Yellow metal trades flat near Rs 46,400 per 10 grams; analysts suggest buy on dips

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