Gold, Silver Prices Rise; Yellow Metal Trades Above Rs 51,050
Gold and silver futures rose on Tuesday on cues from international spot prices. On the Multi Commodity Exchange (MCX), gold futures, due for delivery on June 3, were last seen trading 0.21 per cent higher at Rs 51,064 compared to the previous close of Rs 50,959. Silver futures, for delivery on July 5, were last up 0.39 per cent at Rs 61,736 from Rs 61,497 in the previous trade.
According to Mumbai-based industry body India Bullion and Jewelers Association, domestic spot gold of 24 carat purity opened today at Rs 51,468 per 10 grams and silver at Rs 61,967 per kg – both rates excluding GST (goods and services tax). IBJA).
#Sleep And #silver Initial #rates 10/05/2022 . For#ibjapic.twitter.com/fjkcCrmNQ4
— IBJA (@IBJA1919) 10 May 2022
Foreign exchange rate:
Gold prices have corrected as the US dollar pulled out of the recent two-decade high. Spot gold rose 0.29 per cent to $1,859.31 an ounce. US gold futures closed marginally higher at $1,859.
Gold is viewed as a hedge against inflation and a safe store of value in times of political and economic crisis, but it is highly sensitive to rising short-term US interest rates, which add to the opportunity cost of holding non-yielding bullion. enhances.
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “As per technical chart, gold and silver are trading in oversold zone. Anytime we can see a major short-covering rally. Momentum indicator RSI also showed an hourly rally. Also cited in the form of daily chart. Hence traders are advised to create fresh buy positions near the given support levels. They should focus on the given key technical levels for the day: June Gold Closing Price Rs 50,959, Support Rs 1 – Rs 50,900, Support Rs 2 – Rs 50,700, Resistance Rs 1 – Rs 51,100, Resistance Rs 2 – 51,300 July Silver Closing Price Rs 61,497, Support Rs 1 – 61,300, Support Rs 2 – Rs 60,700, Resistance 1 – Rs 62,000, resistance 2 – Rs 62,500.”
Ravi Singh, Vice President and Head of Research, ShareIndia, said, “Inflation and more stringent policy by central banks in the near future is putting pressure on gold prices.”
He suggests, “Buy above – Rs 51,100 target of Rs 51,300. Sell below – Rs 50,800 target of Rs 50,500.”