Gold prices surge by Rs 5,160 from lower levels. Here's what analysts predict
Gold prices rebounded sharply from recent lows, with June futures on MCX opening higher amid global uncertainties and a weaker dollar. Analysts attribute the gains to safe-haven buying triggered by geopolitical tensions and upcoming U.S. economic data. Experts expect gold and silver to remain volatile this week, advising a buy-on-dips strategy within defined support and resistance levels.
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Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:
Gold has support at Rs 95,400-94,950 and resistance at Rs 96,650-97,200
Silver has support at Rs 97,200-96,650 and resistance at Rs 98,850-95,500
Outlook for gold
Gold rates in physical markets
Gold Price today in Delhi
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Gold Price today in Mumbai
Gold Price today in Chennai
Gold Price today in Hyderabad
After a pullback in the prices in the previous trading session, gold June futures contracts at MCX opened slightly higher by Rs 113 or 0.12% at Rs 96,050/10 g. This indicates a Rs 5,160 surge in the prices of gold from their low of Rs 90,890/10 grams, hit on May 15.Meanwhile, silver July futures contracts opened flat at Rs 98,045/kg, slightly higher by Rs 42 or 0.04%On Monday, gold and silver settled on a positive note in the domestic market, even as they settled on a mixed note in the international markets. Gold June futures contract settled at Rs 95,937 per 10 grams with a loss of 0.50%, and silver July futures contract settled at Rs 98,003 per kilogram with a loss of 0.05%Gold and silver showed some pullback after last week's solid gain on Monday amid postponement of trade tariff by U.S. President of the European Union.Gold and silver showed mild profit taking in a thinned volume session due to the Memorial Day holiday in the U.S. markets. However, the dollar index extended its fall and slipped below 99 marks, trading at 1-month lows.Today, the US Dollar Index, DXY, was hovering near the 98.86 mark, falling 0.25 or 0.26%.'Weakness in the dollar index, geopolitical tensions, and global uncertainty is supporting safe-haven buying for precious metals,' said Manoj Kumar Jain of Prithvifinmart Commodity Research.'We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in the global bond markets and geo-political tensions; gold prices could hold its support level of $3,200 per troy ounce and silver prices could also hold $31.80 per troy ounce levels on a weekly closing basis,' he added.Jain suggests buying gold and silver on dips and expecting a trading range for gold between Rs 94,800-96,650 and for silver between Rs 96,650-99,500 in today's session.Rahul Kalantri, VP Commodities at Mehta Equities, noted that investor caution remains due to a widening US deficit, geopolitical tensions, and key upcoming US economic data, including the FOMC minutes on Wednesday and PCE inflation on Friday, which could impact the Federal Reserve's rate outlook and gold's appeal.Standard gold (22 carat) prices in Delhi stand at Rs 57,424/8 grams while pure gold (24 carat) prices stand at Rs 61,168/8 grams.Standard gold (22 carat) prices in Mumbai stand at Rs 57,280/8 grams while pure gold (24 carat) prices stand at Rs 61,088/8 grams.Standard gold (22 carat) prices in Chennai stand at Rs 56,840/8 grams while pure gold (24 carat) prices stand at Rs 60,568/8 grams.Standard gold (22 carat) prices in Hyderabad stand at Rs 56,800/8 grams while pure gold (24 carat) prices stand at Rs 60,576/8 grams.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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