Gold rate today : With reduced geopolitical tensions, safe-haven demand has declined significantly, causing MCX Gold June futures to drop to Rs 92,975/10 grams. This represents a substantial decrease of nearly Rs 6,500 from its April 22 peak of Rs 99,358/10 grams.
Silver July contracts demonstrated resilience, trading approximately 1% higher at Rs 96,287/kg, showing an increase of Rs 943 around 10 am.
The previous day witnessed weakness in both domestic and international markets. Gold June futures settled lower at Rs 92,901 per 10 grams, declining by 3.75%, whilst silver July futures ended at Rs 95,344 per kilogram, down by 1.43%.
The decline in precious metals prices occurred amidst several factors, including the US-China trade agreement, Indo-Pak ceasefire, strengthening dollar index and rising US bond yields, says an ET report.
A significant sell-off occurred as the week began, following the US-China trade negotiations in Switzerland. The agreement included substantial tariff reductions for both nations over 90 days, boosting global market confidence.
The trade deal announcement strengthened the dollar index and US bond yields. The US Dollar Index (DXY) was observed near 101.60, showing a decrease of 0.19 or 0.19%.
Manoj Kumar Jain of Prithvifinmart Commodity Research stated: "The Indo-Pak ceasefire over the weekend also eased safe-haven buying for precious metals. Gold prices slipped to one-month lows and silver prices also plunged amid major risk aversion in the global markets."
He further noted: "Global equity markets showed solid strength and also pushed gold and silver prices lower. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions; gold prices could hold their key support level of $3,140 per troy ounce, and silver prices could also hold $31.40 per troy ounce levels."
Manoj Kumar Jain provides key trading levels for precious metals on MCX:
For gold, the crucial support levels are positioned at Rs 92,400-91,770, whilst resistance levels are established at Rs 93,360-94,000. For silver, support levels are identified at Rs 94,400-93,650, with resistance points at Rs 96,000-96,650.
Based on current market analysis, Jain recommends investors to consider purchasing silver during price declines whilst advising a temporary pause in gold trading activities for upcoming sessions.
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
Silver July contracts demonstrated resilience, trading approximately 1% higher at Rs 96,287/kg, showing an increase of Rs 943 around 10 am.
The previous day witnessed weakness in both domestic and international markets. Gold June futures settled lower at Rs 92,901 per 10 grams, declining by 3.75%, whilst silver July futures ended at Rs 95,344 per kilogram, down by 1.43%.
The decline in precious metals prices occurred amidst several factors, including the US-China trade agreement, Indo-Pak ceasefire, strengthening dollar index and rising US bond yields, says an ET report.
A significant sell-off occurred as the week began, following the US-China trade negotiations in Switzerland. The agreement included substantial tariff reductions for both nations over 90 days, boosting global market confidence.
The trade deal announcement strengthened the dollar index and US bond yields. The US Dollar Index (DXY) was observed near 101.60, showing a decrease of 0.19 or 0.19%.
Manoj Kumar Jain of Prithvifinmart Commodity Research stated: "The Indo-Pak ceasefire over the weekend also eased safe-haven buying for precious metals. Gold prices slipped to one-month lows and silver prices also plunged amid major risk aversion in the global markets."
He further noted: "Global equity markets showed solid strength and also pushed gold and silver prices lower. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions; gold prices could hold their key support level of $3,140 per troy ounce, and silver prices could also hold $31.40 per troy ounce levels."
Manoj Kumar Jain provides key trading levels for precious metals on MCX:
For gold, the crucial support levels are positioned at Rs 92,400-91,770, whilst resistance levels are established at Rs 93,360-94,000. For silver, support levels are identified at Rs 94,400-93,650, with resistance points at Rs 96,000-96,650.
Based on current market analysis, Jain recommends investors to consider purchasing silver during price declines whilst advising a temporary pause in gold trading activities for upcoming sessions.
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
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