Gold Price Today: Gold Trades Flat; Support Seen At Rs 47,330

Gold Price Today: India Gold MCX June futures traded flat with a negative bias on today following muted trend seen in the international spot prices as a firmer dollar dulled the metal’s appeal, while the market looked forward to cues from the US Federal Reserve’s policy meeting.

Gold Price Today

Market participants are now looking at the US Fed’s two-day policy meeting, which ends on Wednesday, and while no major policy changes are expected, investors will pay close attention to Chairman Jerome Powell’s outlook on the economy.

On the Multi-Commodity Exchange (MCX), June gold contracts were trading lower by 0.03 percent at Rs 47,450 for 10 grams at 0935 hours. May silver futures were trading 0.01 percent lower at Rs 68,674 a kilogram.

Gold and silver gained ahead of the US Federal Reserve meeting on Monday in the international markets. Both precious metals settled on a positive note. Gold June futures contract settled at $1780.10 per troy ounce, and silver May futures contract settled at $26.21 per troy ounce.

Due to strength in the rupee, both the precious metals settled on a mixed note in the domestic markets. Gold June futures contracts settled at 47462 per 10 gram, and silver May futures contracts settled at Rs 68,680.

Gold Price Today Updates

“Market is expecting a status quo in the interest rates but the Fed Chair’s comment on the inflation and future path of monetary policy will give further directions to the precious metals,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart said.

“The dollar index traded near seven week’s low and supported precious metals prices in international markets. On the other hand, the rupee showed some strength against the dollar amid a rebound in the domestic equity markets and restricts gains in gold and silver in the domestic markets,” he said.

Manoj Jain expects both precious metals to remain volatile in Tuesday’s session ahead of the US Federal Reserve meeting outcomes and continue to find support at lower levels.

“At MCX, gold is having support at Rs 47330-47150 and resistance at Rs 47660-47800. Silver is having support at Rs 68200-67700 and resistance at Rs 69100-69600 levels. We suggest buying silver around Rs 68500 with a stop loss of Rs 68100 for the target of Rs 69300,” he added.

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