Gold Price In India: Gold futures were trading higher in the morning session on Wednesday, May 5, however, it faced resistance at Rs 47,000 level and shed around 200 points. On Multi Commodity Exchange (MCX), gold futures due for a June 4 delivery, were last seen trading lower by Rs 44 - or 0.09 per cent - at Rs 46,827, having swung between Rs 46,826 and Rs 47,046 during the session so far, compared to their previous close of Rs 46,871. Silver futures for a May 5 delivery were last down 1.45 per cent at Rs 68,434. (Also Read: Is Silver The New Gold?)
Domestic spot gold opened at Rs 46,767 per 10 grams on Wednesday, and silver at Rs 69,030 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
What analysts say:
''MCX Gold June trading with negative momentum in the evening session. Downside support for the metal is 46700. Resistance for the metal is 47,500,'' said Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited.
''MCX Silver has showed a negative movement and trade below 70700 levels. Silver markets initially pulled back during the course of the trading session on Tuesday but then turned around to break much higher,'' added Mr Purohit.
''Gold steadied as market players assessed Fed's monetary policy stance amid mixed comments from Fed officials and US Treasury Secretary and mixed economic data. Amid other factors, support from persisting virus risks, inflation concerns, and US stimulus measures is countered by weaker investor interest and concerns about Indian consumer demand,'' said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.