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Gold Price TODAY June 11: Expert suggests BUY on yellow metal; check target HERE

Zee Business logo Zee Business 11-06-2021 zeebizindia@gmail.com (Zee Business)
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Gold price today 11/6/2021: Prithvi Commodities says that Gold and silver gained amid weakness in the benchmark 10-year bond yields. Both the precious metals settled on a positive note in the international markets. Gold August Futures contract were settled at $1896.40 per troy ounce with a gain of 0.05% and silver July futures contract were settled at 28.03 per troy ounce with a gain of 0.11%. Both the precious metals were also settled on a positive note in the domestic markets. Gold August futures contracts were settled at Rs 49198 per 10 gram with a gain of 0.15% and silver July futures contracts were settled at Rs 71999 per one kilogram with a gain of 0.16%.

 

Prithvi Commodities says that Gold and silver showed extreme volatility on Thursday both the precious metals plunged during U.S. trading session after ECB signalled for bond tapering but after U.S. CPI data both the precious metals rebound from their lows and settle on a positive note. The dollar index and 10-year bond yield plunged again and supported precious metals.  The U.S. Consumer Price Index rose to 0.6% in May, after a 0.8% rise in April and beat the consensus forecasts of 0.4% rise. For the year, inflation rose 5.0% and this was the largest 12 month increase since a 5.4% increase for the period ending August 2008. Core CPI, increased 0.7% in May against a 0.9% increase in April. However, economists were expecting to see an increase of 0.5%. For the year, core CPI is up 3.8%, the largest 12-month increase since the period ending June 1992. The U.S. unemployment claims decline to 3,76,000 against expectations of 3,70,000. Higher than expected inflation data supported both the precious metals again.

 

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Prithvi Commodities says that they expect gold and silver could show further strength in today’s session and gold could cross $1900 per troy ounce levels again. Gold is having support at $1884-1872 per troy ounce and resistance at $1912-1921 per troy ounce; silver is having support at $27.70-27.40 per troy ounce and resistance at $28.40-28.70 per troy ounce. At mcx, gold is having support at Rs 48950 – Rs 48700 and resistance at Rs 49440 – Rs 49650 while silver is having support at Rs 71400- Rs 70900 and resistance at Rs 72500 – Rs 73100 levels. Prithvi Commodities suggests buying in gold around Rs 49050 with a stop loss of Rs 48800 for the target of Rs 49600 and in silver around Rs 71500 with a stop loss of Rs 70900 for the target of Rs 73100.

   

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