Gold Price TODAY June 9: Expert suggests BUY on yellow metal; check target HERE
Gold price today 9/6/2021: Prithvi Commodities says that Gold and silver prices dipped on Tuesday amid profit taking ahead of the US inflation data. Both the precious metals were settled on a weaker note in the international markets. Gold August futures contracts were settled at $1894.40 per troy ounce with a loss of 0.23% and silver July futures contracts were settled at $27.73 per troy ounce with a loss of 1.03
Gold price today 9/6/2021: Prithvi Commodities says that Gold and silver prices dipped on Tuesday amid profit taking ahead of the US inflation data. Both the precious metals were settled on a weaker note in the international markets. Gold August futures contracts were settled at $1894.40 per troy ounce with a loss of 0.23% and silver July futures contracts were settled at $27.73 per troy ounce with a loss of 1.03%.
Both Gold and Silver also settled on a weaker note in the domestic markets. Gold August futures contracts were settled at Rs 49127 per 10 gram with a loss of 0.03% and silver July futures contracts were settled at Rs 71231 per one kilogram with a loss of 0.82%. Gold and silver showed price volatility on Tuesday, both the precious metals gained in early trading but gave up earlier gains in the evening session after rebound in the dollar index.
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The dollar index showed some strength and climbed above 90 marks again. Investors are also cautious ahead of the US CPI data to be released on Thursday. The US consumer price index for the month of May is expected to come in at up 0.5% from April and up by 4.7% year on year. Inflation is expected to rise amid unexpected rise in raw commodity prices and also gains in crude oil in the last one year.
"We expect both the prices of metals could hold its key support levels of $1882 and $27.40 respectively ahead of the U.S. CPI data. Both the precious metals will remain volatile in today’s session and buy on dips strategy works for gold and silver," explains Prithvi Commodities.
Prithvi Commodities says that Gold is having support at $1882-1870 per troy ounce and resistance at $1904-1912 per troy ounce; silver is having support at $27.40-27.10 per troy ounce and resistance at $28.00-28.40 per troy ounce.
At MCX, Gold is having support at Rs 48950 – Rs 48750 and resistance at Rs 49330 – Rs 49500; silver is having support at Rs 70900 - Rs 70500 and resistance at Rs 71500 – Rs 72000 levels. Prithvi Commodities suggest buying in gold on dips around Rs 48950 with a stop loss of Rs 48750 for the target of 49330 and in silver around 70900 with a stop loss of Rs 70400 for the target of Rs 71800
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