Gold prices predicted to fall up to Rs 93,000/10 gms. Here's what analysts say
Around 11 am, the metal saw buying interest from lower levels, rising 0.36% to trade at Rs 95,490 per 10 grams, a gain of nearly Rs 350 from Tuesday's closing price.
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Gold has support at Rs 94,800-94,400 and resistance at Rs 95,500-96,000
Silver has support at Rs 96,650-96,000 and resistance at Rs 98,250-99,100
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Gold rates in physical markets
Gold Price today in Delhi
Gold Price today in Mumbai
Gold Price today in Chennai
Gold Price today in Hyderabad
Amid a rebound in the dollar index , gold June futures contracts at MCX opened flat at Rs 95,230/10 grams, marginally higher by Rs 87 or 0.09% after the yellow metal settled lower in the previous trading session.However, around 11 am, the metal witnessed buying from the lower levels and was trading 0.36% higher at Rs 95,490/10 gm. This is a surge of nearly Rs 350 from its closing price on Tuesday.Meanwhile, silver July futures contracts recovered from their day's low on Tuesday and also opened higher by Rs 566 or 0.58% at Rs 98,041/kg.On Tuesday, gold and silver settled on a weaker note in the domestic and international markets. Gold June futures contract settled at Rs 95,143 per 10 grams with a loss of 0.83% and silver July futures contract settled at Rs 97,475 per kilogram with a loss of 0.54%.Gold and silver showed heavy selling pressure in the international markets amid a rebound in the dollar index after the postponement of the trade tariffs by the U.S. President of the European Union. The dollar index recovered from 1-month lows and the U.S. equity markets also gained, easing some safe-haven buying for precious metals.Today, the US Dollar Index, DXY, was hovering near the 99.80 mark, gaining 0.28 or 0.28%.The U.S. durable goods orders data and consumer confidence data released on Tuesday were also better than expected and pushed bullion prices lower. However, the U.S. trade tariff uncertainty and geopolitical tensions could support prices of precious metals at lower levels.'We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, geopolitical tensions and ahead of the FOMC meeting minutes; 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,' said Manoj Kumar Jain of Prithvifinmart Commodity Research.Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:Jain suggests buying gold and silver until they hold their key support level of Rs 94,400 and Rs 96,650, respectively, on a closing basis. He further noted that gold could retest Rs 96,000 and silver could also retest Rs 98,250-99,000 levels in the upcoming sessions.Gold prices are witnessing volatility due to a lack of triggers. Profit booking is typically witnessed from higher levels on account of easing geopolitical tensions between Israel and Hamas and ongoing tariff relief measures, reducing safe-haven demand.'In the international market, Comex gold is expected to trade in a lower range of $3,250 to $3,325, while the domestic outlook now shifts to Rs 93,000–Rs 96,000,' noted Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities.Deveya Gaglani, Senior Research Analyst - Commodities at Axis Securities, echoed a similar sentiment, stating, 'Looking ahead, volatility is expected to remain elevated this week, with key macro triggers including the release of FOMC meeting minutes and prelim U.S. GDP data'.Standard gold (22 carat) prices in Delhi stand at Rs 58,144/8 grams while pure gold (24 carat) prices stand at Rs 62,024/8 grams.Standard gold (22 carat) prices in Mumbai stand at Rs 57,624/8 grams while pure gold (24 carat) prices stand at Rs 61,464/8 grams.Standard gold (22 carat) prices in Chennai stand at Rs 56,928/8 grams while pure gold (24 carat) prices stand at Rs 60,728/8 grams.Standard gold (22 carat) prices in Hyderabad stand at Rs 56,840/8 grams while pure gold (24 carat) prices stand at Rs 60,568/8 grams.(Disclaimer: 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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