Gold Price in India: Gold futures were trading higher in the morning session on Wednesday May 5th, however, it faced resistance at the Rs 47,000 level and lost around 200 points. On Multi Commodity Exchange (MCX), gold futures due for delivery on June 4, were last seen down Rs 44 – or 0.09% – to Rs 46,827, after hovering between Rs 46,826 and Rs 47,046 during the session so far, compared to their previous close of Rs 46,871. Silver futures for a May 5 delivery were last down 1 , 45% at Rs 68,434. (Read also: Is silver the new gold?)
– IBJA (@ IBJA1919) May 5, 2021
National spot gold opened at Rs 46,767 for 10 grams on Wednesday, and silver at Rs 69,030 per kilogram – both rates excluding GST, according to the Mumbai-based industry body India Bullion and Jewelers Association (IBJA) .
What the analysts say:
MCX Gold is trading in June with negative momentum in the evening session. The downside support for the metal is 46700. The metal’s resistance is 47,500, ” said Kshitij Purohit, Product Manager, Currency and Commodities, CapitalVia Global Research Limited.
” MCX Silver has shown negative movement and is trading below the 70700 levels. Silver markets initially retreated during Tuesday’s trading session but then turned to break much higher ” , added Purohit.
Gold 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 for lingering virus risks, inflation concerns and US stimulus measures is being thwarted by lower investor interest and concerns about Indian consumer demand, ” Ravindra Rao said. , vice president of commodities research at Kotak Securities.