Gold Price Today, 28 May 2021: Yellow metal falls below Rs 48,500, down over Rs 7,700 from record high

Globally, gold prices were flat on Friday, due to rise in the dollar and US Treasury yields which pressured bullion. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading lower in India on Friday, following weak international trends. On Multi Commodity Exchange, gold June futures were trading Rs 151 or 0.31 per cent down at Rs 48,430 per 10 gram, as against the previous close of Rs 48,581. Silver July futures were also trading weak, down Rs 325 or 0.45 per cent at Rs 71 394 per kg. Silver futures ended at Rs 71,719 per kg in the previous session. In August last year, gold had hit a record high of Rs 56,191 per 10 gram in India.

Globally, gold prices were flat on Friday, due to rise in the dollar and US Treasury yields which pressured bullion, while investors awaited crucial U.S. inflation data later in the day. Spot gold was mostly unchanged at $1,896.71 per ounce. Bullion has risen 0.8 per cent so far this week and was on track for its fourth straight weekly gain, according to Reuters. US gold futures edged 0.1 per cent higher to $1,899.50 per ounce.

Related News

  • Gold price today, 27 May 2021: Gold prices fall after hitting Rs 49,000; check support, resistance levels

  • Gold price today, 26 May 2021: Yellow metal rises on Wednesday; Gold may touch 50,000 if it holds above 49,000

  • Gold price today, 25 May 2021: Yellow metal falls on weak global cues; if gold holds 49,000, it may hit 50,500

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

MCX gold June contract is trading below 48,500 levels and in the international market, it is trading around $1893 levels. Weakness in the dollar and lower bond yield support the yellow metals. Lower interest rates and growth unstability in the US support the gold prices. However, appreciation in Rupee may curb the sharp upside momentum in gold prices. For today traders can buy gold at 48900 levels with the stop loss of 48600 levels for the target of 49400 levels. Technically trend is positive and will move higher further.

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

COMEX gold trades mixed near $1895/oz after a 0.3% decline yesterday. Some stability in the equity market and US dollar, after recent losses, has made gold vulnerable to profit-taking. ETF investors have also moved to sidelines. However, supporting price is virus concerns, loose monetary policy stance of major central banks and mixed economic data from major economies. Gold may witness choppy trade however bias may be on the downside if the US dollar is able to recover.

Sriram Venkataraman Iyer, Senior Research Analyst at Reliance Securities

Technically, MCX Gold June could trade on sideways to marginal upside momentum up to 48700-48900 levels. Support is at 48500-48350 levels. Technically, MCX Silver July if sustain above 71000 level can take prices up to 71900-72700 levels. Support is at 70800-70000 levels. In the previous session, gold ended weaker tracking weak overseas prices and a strong Rupee.

(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.)

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.