Gold Price Today: Yellow Metal Touches Rs 48,000; Investors Advised to ‘Go Long’

After a slight dip last week, gold prices increased again on Monday following the global trends. On the Multi-Commodity Exchange (MCX), gold futures were up 0.68% to Rs 48,001 for 10 grams at 9.45 am on Monday. July silver future were trading higher by 1.20% at Rs 71,939 a kilogram.

In the international market, gold prices rose to a three-month high on

Monday as a weaker dollar and a dip in Treasury yields boosted metal’s appeal and the stall in US retail sales. The latest series of lockdowns in Asia to curb spiking coronavirus cases also impacted the price of yellow Metal on Monday.

Spot gold was up 0.1% at $1,844.60 per ounce by 0035 GMT, after hitting its highest since February 10 in early Asian trade. US gold future jumped 0.4% to $1,845.60.

The dollar index slipped from a near one-week high touched last week, making gold less expensive for other currency holders. Benchmark US 10-year Treasury yields retreated further from a more than one-month high hit last week.

“We saw a very good recovery in both precious metals in the last trading sessions, Which may continue in today’s trading session, So traders are advised to go long and also focus important technical levels: June Gold closing price Rs 47,676, Support 1 – Rs 47,450, Support 2 – Rs Rs 47,200, Resistance 1 – Rs 46,900, Resistance 2 – Rs 47,200. July Silver closing price Rs 71,085, Support 1 – Rs 70,300, Support 2 – Rs 69,550, Resistance 1 – Rs 71,900, Resistance 2 – Rs 72,600,” said Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.

“We continue to maintain our bullish stance on Gold. Prices have consolidated over the last few months and recently caught up some momentum and back to around $1800 on the COMEX where we are comfortable suggesting buying for a short to medium perspective targeting new life time highs towards $2050 followed by $2200,” Motilal Oswal Financial Services said last week.

“On the domestic front, the post budget prices correction is a good level to enter once again for and immediate targets towards R 50,000 and eventually hitting new highs of Rs 56,500 and above over the next 12-15 months,” the company added.

The first tranche of Sovereign Gold Bond 2021-22 will open for subscriptions from Monday. The gold bonds are issued by the Reserve Bank of India, on behalf of government of India. The issue price has been fixed at ₹4,777 per gram, the central bank said last week.