Gold rate today : Gold June futures on MCX started trading at Rs 95,444/10 grams, showing an increase of 0.64% or Rs 603, despite declining by Rs 1,900 from its peak levels over the previous month.
Gold prices exhibited significant fluctuations whilst remaining within a specific range, as investors' focus transitioned from Moody's US downgrade to considerations regarding the Federal Reserve's interest rate decisions and overall US economic conditions.
At the same time, silver July futures began trading at Rs 97,620/kg, registering a modest increase of Rs 332 or 0.34%.
On Tuesday, both precious metals concluded positively in domestic and international markets. Gold June futures settled at Rs 94,841 per 10 grams, advancing by 1.65%, whilst silver July futures finished at Rs 97,288 per kilogram, gaining 1.92%.
Both metals demonstrated continued appreciation during Tuesday's volatile trading session, benefiting from increased safe-haven demand following Moody's US rating downgrades amidst rising Federal debts.
Also Read | Gold price prediction today: Will gold rate go below Rs 90,000 & should you buy or sell?
The dollar index continued its downward trend, whilst global equity markets declined following US rating downgrades, supporting precious metal prices. The US Dollar Index, DXY, was positioned near 99.69, showing a decrease of 0.43 or 0.43% for the day.
Precious metals experienced an upward trend following rate cuts by both Chinese and Australian central banks, with China reducing its 1-year and 5-year loan rates by 10 basis points, whilst Australia implemented a 25-basis-point reduction on Tuesday. The surge in Canadian inflation and disappointing European consumer confidence figures provided additional support to the metals' values.
Manoj Kumar Jain of Prithvifinmart Commodity Research suggests that potential progress in Russia-Ukraine ceasefire negotiations might restrict further price increases in precious metals.
"We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and Russia-Ukraine peace deal hopes; gold prices could hold their support level of $3,120 per troy ounce and silver prices could also hold $31.40 per troy ounce levels," he told ET.
From a trading analysis standpoint, Manoj Kumar Jain outlined specific price levels for precious metals on MCX:
* Gold's support levels are positioned at Rs 94,200-93,650, whilst resistance points are at Rs 95,360-95,800
* Silver's support levels stand at Rs 96,650-96,000, whilst resistance points are at Rs 98,000-98,850
For silver, Jain recommends initiating purchases near Rs 96,800, setting a stop loss at Rs 96,150, targeting Rs 98,250.
Aksha Kamboj, Executive Chairperson of Aspect Global Ventures, notes that sustained central bank acquisitions and consistent Indian wedding season demand should maintain a price floor, despite the current absence of significant upward price catalysts.
Kamboj anticipates that gold prices will likely remain range-bound with intermittent price fluctuations until a definitive directional indicator surfaces.
(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)
Gold prices exhibited significant fluctuations whilst remaining within a specific range, as investors' focus transitioned from Moody's US downgrade to considerations regarding the Federal Reserve's interest rate decisions and overall US economic conditions.
At the same time, silver July futures began trading at Rs 97,620/kg, registering a modest increase of Rs 332 or 0.34%.
On Tuesday, both precious metals concluded positively in domestic and international markets. Gold June futures settled at Rs 94,841 per 10 grams, advancing by 1.65%, whilst silver July futures finished at Rs 97,288 per kilogram, gaining 1.92%.
Both metals demonstrated continued appreciation during Tuesday's volatile trading session, benefiting from increased safe-haven demand following Moody's US rating downgrades amidst rising Federal debts.
Also Read | Gold price prediction today: Will gold rate go below Rs 90,000 & should you buy or sell?
The dollar index continued its downward trend, whilst global equity markets declined following US rating downgrades, supporting precious metal prices. The US Dollar Index, DXY, was positioned near 99.69, showing a decrease of 0.43 or 0.43% for the day.
Precious metals experienced an upward trend following rate cuts by both Chinese and Australian central banks, with China reducing its 1-year and 5-year loan rates by 10 basis points, whilst Australia implemented a 25-basis-point reduction on Tuesday. The surge in Canadian inflation and disappointing European consumer confidence figures provided additional support to the metals' values.
Manoj Kumar Jain of Prithvifinmart Commodity Research suggests that potential progress in Russia-Ukraine ceasefire negotiations might restrict further price increases in precious metals.
"We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and Russia-Ukraine peace deal hopes; gold prices could hold their support level of $3,120 per troy ounce and silver prices could also hold $31.40 per troy ounce levels," he told ET.
From a trading analysis standpoint, Manoj Kumar Jain outlined specific price levels for precious metals on MCX:
* Gold's support levels are positioned at Rs 94,200-93,650, whilst resistance points are at Rs 95,360-95,800
* Silver's support levels stand at Rs 96,650-96,000, whilst resistance points are at Rs 98,000-98,850
For silver, Jain recommends initiating purchases near Rs 96,800, setting a stop loss at Rs 96,150, targeting Rs 98,250.
Aksha Kamboj, Executive Chairperson of Aspect Global Ventures, notes that sustained central bank acquisitions and consistent Indian wedding season demand should maintain a price floor, despite the current absence of significant upward price catalysts.
Kamboj anticipates that gold prices will likely remain range-bound with intermittent price fluctuations until a definitive directional indicator surfaces.
(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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