Gold Price Today: Yellow Metal Remains Low on Akshaya Tritiya; Experts Say Buy On Dips

Gold was trading lower in the Indian market on Akshaya Tritiya (May 14), following the trend in the international market. On the Multi-Commodity Exchange (MCX), June gold contracts dipped 0.15% to Rs 47,365 for 10 grams at 9.55 am on Friday. July silver future were trading lower by 0.11% at Rs 70,399 a kilogram.

Gold edged lower on Friday as US Treasury yields rose to an eight-week high and the dollar firmed after a bigger-than-expected rise. Spot gold was down 0.2% at $1,823.77 per ounce by 0127 GMT. Bullion lost 0.4% so far this week. US gold futures were steady at $1,823.20, Reuters reported. The dollar index held firm near a one-week high, and was set for a weekly gain against its rivals, news agency mentioned.

“Currently, the 10-year note is yielding 1.699%, gaining seven basis points from the open when notes were fixed at 1.693%. Gold futures incurred a strong selloff trading to a low today of $1813 before recovering slightly. A tremendous factor to today’s decline in gold besides higher yields was dollar strength which gained approximately three-quarters of a percent and is currently fixed at 90.785. It is more likely that gold’s trajectory for the remainder of this year is up, rather than down,” said Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.

“International spot gold and silver prices have started weaker this Friday morning in Asian trade. However, every dip could be a buying opportunity as low-interest rates, along with higher inflation would typically create bullish market sentiment for the precious metals,” said Sriram Iyer, senior research analyst at Reliance Securities.

“Technically, MCX Gold June could see sideways to marginal downside momentum within the range of Rs 47,150-47,600 level. Technically, MCX Silver July holds a resistance at Rs 71,000-72,300 levels. Support is at Rs 70,000-68,900 levels. MCXBULLDEX May could trade on a negative note but within the range of Rs 14, 750-15,000 levels,” he added.