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Gold Price Today: Yellow metal trades below 49,000; spot gold slips to 10-day low

Moneycontrol logo Moneycontrol 14-06-2021 Kshitij Anand
Gold Price Today: Yellow metal trades below 49,000; spot gold slips to 10-day low © Ashish Rukhaiyar Gold Price Today: Yellow metal trades below 49,000; spot gold slips to 10-day low

Gold was trading a percent lower in the Indian market on June 14, tracking international spot prices that slipped to their lowest in more than a week, weighed down by a stronger dollar.

On the Multi-Commodity Exchange (MCX), August gold contracts were trading lower by 0.80 percent at Rs 48,518 for 10 grams at 0930 hours. July silver futures were trading 0.58 percent lower at Rs 71,805 a kilogram.

Spot gold was trading around $1,864.58 per ounce, its lowest since June 4, a Reuters report said. The dollar strengthened 0.1 percent to hover near a one-week high against its rivals, making gold more expensive for holders of other currencies.

On June 11, gold and silver prices settled on a mixed note in the international markets. August gold futures contract settled at $1,879.25 a troy ounce and silver July contract settled at $28.05 a troy ounce. Domestic markets also ended on a mixed note.

After breaching $1,900, spot gold slipped again on June 11 amid a rise in the dollar index. The index gained ahead of the US Federal Reserve's monetary policy meeting on June 15-16.

“We expect both the precious metals to remain volatile this week ahead of the US Federal Reserve policy meet and gold is expected to hold crucial support of $1850 per troy ounce while silver is also expected to hold $27.55 per troy ounce levels,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research said.

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“Gold has support at $1,868-1,854, while resistance at $1,892-1,904 per troy ounce. At MCX, Gold has support at 48,750-48,550 and resistance at 49,100-49,380; silver is having support at 71,700-71,200 and resistance at 72,500-73,100 levels,” he said.

Jain suggests buying in gold on dips around 48,750 with a stop loss of 48,500 for the target of 49,200.

Technical indicators

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

Comex gold was trading0.5 percent lower near $1,867  after a 0.9 percent decline on June 11 . Gold remained under pressure as the dollar held steady and US bond yields recovered amid positioning for the Fed meeting later this week.

Mixed ETF flow and weaker Indian consumer demand also weighed on prices. Gold may remain under pressure amid firmer US dollar, however, a sharp fall is unlikely as the Fed is likely to maintain a dovish stance.

Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold prices crashed on June 11 as the dollar rebounded but silver ended with solid gains.

Domestic gold ended weaker, while silver ended in the green, tracking overseas prices. The benchmark treasury yields softened on June 11 and capped the downside.

Domestic gold and silver prices could start weak on June 14, tracking overseas prices.

On the domestic front, if MCX August gold breaks below 48,700, it could witness a bearish momentum up to 48,550-48,300. Resistance is at 48,900-49,100 levels.

MCX July silver holds support near 71,900-71,100. Resistance is at 73,000-74,100 levels.

Amit Khare, AVP- Research Commodities, Ganganagar Commodities Limited

Gold and silver traded mixed on June 11. Gold and silver are again showing some profit booking on the daily technical chart.

Traders are advised to go for short in small pullback and focus some important technical levels given below for the day:

August Gold closing price Rs 48,903; support 1: 48,600; support 2: 48,300; resistance 1: 49,200; resistance 2: 49,500.

July Silver closing price Rs 72,227; support 1: 71700; support 2: 70,500; resistance 1: 72,700 and resistance 2:  73,300.

Disclaimer: The views and investment tips expressed by experts on are their own and not those of the website or its management. advises users to check with certified experts before taking any investment decisions.

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