Gold Rate Today, Gold Price on 2 June 2021: Gold falls on strong rupee, weak international trends; check intraday strategy – Gold Price Forecast, Gold Price Outlook Keywords: gold price, gold rate, gold price today, gold price on {date}, gold rate on {date}, gold price

Despite minor pullback, gold bulls have near technical advantage, an analyst said

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices fell in India on Wednesday on the back of muted international trends, where yellow metal retreated from a 5-month high on rise in bond yields. On MCX, gold August futures were trading Rs 67 or 0.14 per cent down at Rs 49,358 per 10 gram. While silver July futures were ruling at Rs 71,820 per kg, down Rs 428 or 0.59 per cent. In the previous session gold futures ended at Rs 49,425 and silver at Rs 72,248 per kg. Globally, spot gold was down 0.1 per cent at $1,898.58 per ounce, after hitting its highest since January 8 at $1,916.40 on Tuesday. US gold futures eased 0.2 per cent to $1,901.90 per ounce, according to Reuters. Holding at the 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 dropped below $1900 and although dollar weakness contributed fractional tailwinds, it was not enough for gold to close positive yesterday. Despite minor pullback, gold bulls have near technical advantage. A two-month-old price uptrend is in place on the daily bar chart. Next resistance for gold comes around $1959, a level last seen in Dec 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 profit off the table as gold in COMEX is trading in an overbought zone while in MCX, Gold prices due to strong rupee (it underperformed compared to COMEX) has just entered overbought zone. There would be an opportunity to go long around 48800 with stoploss of 48200. Wait for some decline before taking fresh long positions but the underlying trend still remains positive.

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

COMEX gold trades in a narrow range near $1900/oz after a near flat close in the previous session. Gold is choppy near $1900/oz reflecting volatility in US dollar and equity market as market players assess monetary policy amid economic growth and rising inflation pressure. ETF inflows indicated some buying interest from investors however this is countered by weaker consumer demand in India owing to virus related restrictions. Gold may witness choppy trade along with US dollar and equity market however general bias may be on the upside until the US dollar recovers significantly.

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

For today trader can buy gold aug contract at 49300 levels with the stoploss of 49000 levels for the target of 49800 levels. They can also buy silver at 71600 levels with the stoploss of 71000 levels for the target of 71800 levels. We believe that gold may test $1930 to $1950 very soon

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

Comex gold was down 0.25% or $4.85 and closed at $1,900 per ounce, after hitting its highest since 8th January at $1,916.4 per ounce. Yesterday gold retreated as strong U.S. economic data prompted the shift back into riskier assets. Yesterday Gold July future at the India International Exchange (India INX) ended at $1,903 an ounce as momentum in the international market was weak in the evening session. In the absence of any major data today, market participants’ focus this week will be on U.S. payrolls data due on Friday for further clarity on economic recovery and near-term Federal Reserve policy action. Since strong economic data has supported a rebound in the US dollar, the yellow metal may fall during the intraday.

(The views in this story are expressed by the respective experts of research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

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