Gold rate today : Following profit booking, Gold June futures at MCX declined to Rs 93,195/10 grams, showing a decrease of Rs 452 or 0.48%, despite an initial upward movement in precious metals driven by reduced inflation. Similarly, Silver July futures contracts experienced a reduction of Rs 704 or 0.73%, trading at Rs 96,063/kg.
The domestic and international markets witnessed positive settlements for gold and silver on Tuesday. Gold June futures concluded at Rs 93,647 per 10 grams, advancing by 0.80%, whilst Silver July futures finished at Rs 96,767 per kilogram, rising by 1.49%.
In international markets, both metals recovered from their previous session's fluctuations following April's cooling U.S. inflation. The U.S. CPI registered 3.2% annually in April, lower than March's 3.3% but marginally higher than the anticipated 3.1%.
The yearly Core CPI maintained its position at 2.8%, aligning with expectations.
"Cool-off in the U.S. CPI inflation pushed the dollar index lower from its highs and supported gold and silver prices. Gold and silver prices also recovered after the Indian Prime Minister said on Monday that they have halted the operation Sindoor and not stopped permanently," noted Manoj Kumar Jain of Prithvifinmart Commodity Research according to an ET report.
Silver prices are receiving support from ongoing trade discussions between the United States and China, considering its industrial applications. Nevertheless, potential peace talks between Russia and Ukraine might restrict gold's upward movement.
"The U.S. 10-year bond yields also gained and could limit gains of gold. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions; gold prices could hold its key support level of $3,140 per troy ounce, and silver prices could also hold $31.40 per troy ounce levels," he added.
The US Dollar Index (DXY) currently stands near 100.96, showing a decline of 0.05 or 0.05% for the day.
Trading Strategy for Gold
Manoj Kumar Jain provides these trading parameters for MCX:
* Gold's support levels are at Rs 93,150-92,660, with resistance at Rs 94,000-94,450
* Silver's support levels are at Rs 96,000-95,350, with resistance at Rs 97,400-98,200.
His recommendation is to avoid gold purchases whilst considering silver acquisitions near Rs 95,800, setting a stop loss at Rs 95,100 and targeting Rs 97,200.
(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)
The domestic and international markets witnessed positive settlements for gold and silver on Tuesday. Gold June futures concluded at Rs 93,647 per 10 grams, advancing by 0.80%, whilst Silver July futures finished at Rs 96,767 per kilogram, rising by 1.49%.
In international markets, both metals recovered from their previous session's fluctuations following April's cooling U.S. inflation. The U.S. CPI registered 3.2% annually in April, lower than March's 3.3% but marginally higher than the anticipated 3.1%.
The yearly Core CPI maintained its position at 2.8%, aligning with expectations.
"Cool-off in the U.S. CPI inflation pushed the dollar index lower from its highs and supported gold and silver prices. Gold and silver prices also recovered after the Indian Prime Minister said on Monday that they have halted the operation Sindoor and not stopped permanently," noted Manoj Kumar Jain of Prithvifinmart Commodity Research according to an ET report.
Silver prices are receiving support from ongoing trade discussions between the United States and China, considering its industrial applications. Nevertheless, potential peace talks between Russia and Ukraine might restrict gold's upward movement.
"The U.S. 10-year bond yields also gained and could limit gains of gold. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions; gold prices could hold its key support level of $3,140 per troy ounce, and silver prices could also hold $31.40 per troy ounce levels," he added.
The US Dollar Index (DXY) currently stands near 100.96, showing a decline of 0.05 or 0.05% for the day.
Trading Strategy for Gold
Manoj Kumar Jain provides these trading parameters for MCX:
* Gold's support levels are at Rs 93,150-92,660, with resistance at Rs 94,000-94,450
* Silver's support levels are at Rs 96,000-95,350, with resistance at Rs 97,400-98,200.
His recommendation is to avoid gold purchases whilst considering silver acquisitions near Rs 95,800, setting a stop loss at Rs 95,100 and targeting Rs 97,200.
(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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