Gold Prices Today: Despite strong dollar, yellow metal to stay firm on the back of inflation worries, recession fears

Gold Prices Today: Despite strong dollar, yellow metal to stay firm on the back of inflation worries, recession fears

"Gold has support at Rs 50,640–50,410, while resistance is at Rs51,180–51,350. Silver has support at Rs 61,080-61,550, while resistance is at Rs 62,680–63,110," said Rahul Kalantri, VP Commodities, Mehta Equities.





June 02, 2022 / 09:56 AM IST





Gold, Gold Prices



Gold held its ground on Thursday in the international markets, supported by lower US Treasury yields, after mounting concerns over stubborn inflation worldwide helped prices rebound from their lowest level in two weeks in the previous session. Spot gold was steady at $1,847.49 per ounce, as of 0036 GMT. US gold futures were up 0.2 percent to $1,851.40.

At 9.48 am, gold contracts were trading 0.2 percent higher at Rs 50,892 for 10 grams on the Multi-Commodity Exchange (MCX), while silver shed 0.26 percent at Rs 61,422 a kilogram.

Gold prices traded weak on Thursday with spot gold prices at COMEX were trading marginal down near $1844 per ounce in the morning trade. Gold prices capped upside on stronger dollar after recovering on Wednesday. The inflation worries and recession fears may keep gold prices firm on safe haven buying despite of stronger dollar, said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

"We expect gold prices to trade sideways to up