Gold Prices Today: Yellow metal to stay volatile on hawkish Fed, support at Rs 50,640

Gold Prices Today: Yellow metal to stay volatile on hawkish Fed, support at Rs 50,640

The precious metal has turned volatile as investors brace for a rise in the hawkish stance by the Federal Reserve, said Rahul Kalantri, VP Commodities at Mehta Equities





June 01, 2022 / 10:13 AM IST





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Gold was trading lower in India on June 1 morning as international prices dropped to their lowest in nearly two weeks though were confined to a tight range as safe-haven demand helped offset pressure from a firm dollar and elevated US yields.

At 9.56 am, gold contracts were trading 0.4 percent lower at Rs 50,654 for 10 grams on the Multi-Commodity Exchange (MCX), while silver shed 0.88 percent at Rs 60,586 a kilogram.

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Trading Strategy

Amit Khare, AVP- Research Commodities, Ganganagar Commodity

Gold and silver showed negative movement on May 31. On MCX, August gold contracts closed 0.48 percent down at Rs 50,847 for 10 grams. July silver futures closed at Rs 61,125 a kilogram, down 1.22 percent.

As per the technical chart, gold and silver are making bottoms. We can see a good upside movement in the near future, momentum indicator RSI is also indicating the same on the hourly as well as the daily chart.

Traders are advised to