Gold prices in India on May 12, 2021 mirroring trend in the international market softened. On the MCX, gold futures for June delivery traded lower by Rs. 118 or 0.25% at 47517 at around 9:31 am. Similarly MCX Silver also traded with losses to the tune of Rs. 544 or 0.76% at Rs. 71385 at around the same time.
In the international market, gold prices headed lower owing to gains in the US treasury yield and a firmer dollar. Spot gold was down 0.2% at $1,832.73 per ounce by 0109 GMT. U.S. gold futures softened 0.1% to $1,834.30.
The dollar index traded a tad higher by 0.1%. In the previous session, dollar index declined to an over 2-month low on inflation worries which weighs on the value of the greenback.
Meanwhile, investors await US consumer price data which is due to be released today.
Dip in gold price-' A Good opportunity to take position in the precious yellow metal'
Commodity experts advise gold buyers to go with 'buy on dips' strategy till the gold price is above $1800 per ounce levels in the international market. This is because the overall sentiment remains bullish for both gold and silver.
In respect of the gold and silver price outlook, Sugandha Sachdeva, Vice President at Religare Broking Limited is quoted as saying in a leading business daily ""Silver price may go up to Rs. 76,000 per kg in mid-term time horizon while in the long-term perspective the white metal is expected to go up to Rs. 85,000 per kg levels. Similarly, gold price outlook is bullish and in mid-term we are expecting the yellow metal to touch Rs. 52,000 per 10 gm levels while in the long-term time-horizon, we are expecting gold price to hit Rs. 55,000 to Rs. 60,000 per 10 gm levels."