India Gold August Futures slipped marginally on June 1 despite the positive trend seen in the international spot prices which climbed on reports of riots in the United States. Rattled investors already reeling from the deepening Sino-US rift, fanning concerns of a fresh economic setback and drove traders towards the safe-haven metal, said a Reuters report. On MCX, June gold contracts were trading lower by 0.18 percent at Rs 47,018 per 10 gram at 09:30 hours. Silver July futures were trading 0.6 percent higher at Rs 50,422 per kg. Gold and silver extended gains on Friday in the international market. Gold gave closing above $1700 per troy ounce at the Comex after 8 years. Silver also closed above $18.40 per troy ounce, to record a technical breakout on the monthly chart. Silver gained around 20 percent in the month of May while Gold gained around 3 percent. For the month of June, experts feel that for now buy on dips strategy is likely to work as long as Gold August Futures trades above the support of Rs 46,850 per 10 gm. “Downbeat US goods trade balance data at -69.7 billion dollars, decrease in personal spending, US-CHINA tensions and worry of federal reserve chairman about the fast recovery of US economy support safe-haven buying in both the precious metals,” Manoj Jain, Director (Head - Commodity & Currency Research) at Prithvi Finmart Pvt Ltd, told Moneycontrol. “We expect both the precious metals remain firm this week and buy on dip strategy still working. At MCX, Gold August future sustain above 47,100 could extend the gains towards 47,330-47500. Support exists at 46,850,” he said. Track live gold price here Trading Strategy Expert: Sriram Iyer, Senior Research Analyst, Reliance Securities Gold and silver rose Friday as the dollar weakened even as President Trump did not mention anything on the US-China trade deal. However, re-opening of lockdown from the several economies could boost risk appetite and limited upside in prices. International bullion prices have started flat to higher this Monday morning in Asian trade amid safe-haven bets due to riots in major US. cities in the last 2 days over the death of George Floyd in police custody. Technically, LBMA GOLD Spot holds a resistance zone near $1,745-1,750 levels so prices could see some correction from the levels. The price range is $1,717-$1,745 in the coming session. MCX Gold August is likely to trade in a range of 46,500-4,200 levels. Expert: Ravindra Rao, VP- Head Commodity Research at Kotak Securities. COMEX gold trades mixed near $1,750/oz after a 1.4 percent gain in the previous session. Supporting price is safe-haven buying amid mixed economic data from major economies, downbeat growth outlook, US-China tensions, and violent protests in the US. SPDR ETF holdings have risen to 2013 highs. Gold has bounced back after taking support near $1,680/oz and is now consolidating near $1,750/oz level. While the overall sentiment is positive, the lack of any further escalation in US-china tensions or US protests could result in some profit-taking. Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions..reckoner_bx{ function loginSignupPost(id_form){ var user_id = getCookie("nnmc"); if(user_id!= "" && user_id != null) { var package_duration = $.trim($("#mc_pro_37").attr("package_duration")); $("#mc_pro_37").attr("action","https://payments.moneycontrol.com/payment.php"); $("#mc_pro_37").submit(); } else { $("#ifval").val("490px"); $("#myframe").attr("src","https://accounts.moneycontrol.com/mclogin/?d=2"); $("#LoginModal").modal(); } }