Home Finance Gold Rate Today, June 2, 2021 Gold Rate: Rupee gains strength, gold...

Gold Rate Today, June 2, 2021 Gold Rate: Rupee gains strength, gold falls due to weak international trend; Check Intraday Strategy – Gold Price Forecast, Gold Price Outlook Keywords: gold price, gold rate, gold price today, gold price {date}, gold rate {date}, gold price

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Gold bulls are close to technical gains, said one analyst.

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India on Wednesday fell on soft international trends, with the yellow metal retracing from a 5-month high on rise in bond yields. On MCX, gold August futures was trading lower by Rs 67 or 0.14 per cent at Rs 49,358 per 10 grams. While silver July futures were ruling at Rs 71,820 per kg, down by Rs 428 or 0.59 per cent. In the previous session, gold futures had closed at Rs 49,425 and silver at Rs 72,248 per kg. Globally, spot gold was trading 0.1 per cent lower at $1,898.58 an ounce, hitting its highest level since January 8 at $1,916.40 on Tuesday. US gold futures fell 0.2 per cent to $1,901.90 an ounce, according to Reuters. Holding in SPDR Gold Trust rose 0.3 per cent to 1,045.83 tonnes on Tuesday from 1,043.21 tonnes on Friday.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold has fallen below $1900 and although dollar weakness contributed to a partial tailwind, it was not enough for gold to close positive yesterday. Despite the slight downside, gold is close to technical gains for the bulls. There is a two month old price uptrend on the daily bar chart. The next resistance for Gold is near the $1959 level, which was last seen in December 2020. Immediate support for gold in COMEX is at $1885. In MCX, prices are still above its 200 day moving average and we recommend taking some gains from the table as COMEX gold is trading in an overbought zone, whereas in MCX, gold prices are trading higher due to stronger rupee. (It has lower performance than Comex). Entered overbought territory. There will be an opportunity to go long near 48800 with a stoploss of 48200. Wait for some downside before taking fresh long positions but underlying trend still remains positive.

Ravindra Rao, CMT, EPAT, VP- Head of Commodity Research at Kotak Securities

COMEX gold trades in a narrow range near $1900/oz after closing almost flat in the previous session. Gold is trading near $1,900 an ounce, reflecting volatility in the US dollar and equity markets, as market players assess monetary policy amid economic growth and rising inflationary pressures. ETF inflows indicated some buying interest from investors, albeit due to weak consumer demand in India due to virus-related restrictions. Gold may trade choppy with the US Dollar and equity markets, although the general bias could be upward unless the US Dollar improves significantly.

Anuj Gupta, VP – Commodity and Currency Research, IIFL Securities

For today traders can buy Gold August contract at 49,300 level with stoploss at 49000 level for target of 49,800 level. They can also buy Silver at 71600 level with stoploss at 71000 level for target of 71800 level. We believe gold may test $1930 to $1950 soon

Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares & Stock Brokers

Comex gold was down 0.25%, or $4.85, at $1,900 an ounce, hitting its highest level since January 8 at $1,916.4 an ounce. Gold retreated yesterday as strong US economic data prompted a turnaround in the riskier asset. Gold July futures ended at $1,903 an ounce on the India International Exchange (India INX) yesterday as momentum in the international market weakened in the evening session. In the absence of any key data today, market participants this week will focus on US payrolls data on Friday for further clarity on the economic recovery and near-term Federal Reserve policy action. Since strong economic data has supported the rally in the US Dollar, the yellow metal is likely to decline during the intraday period.

(The views in this story are expressed by the research and relevant experts of the brokerage firm. Financial Express Online takes no responsibility for their advice. Please consult your investment advisor before investing.)

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