Gold Rate Outlook: Consolidation expected before next resistance at USD 4,900On the outlook, Renisha Chainani, Head of Research at Augmont, said gold has reached the upper end of the range touching USD 4,700 per ounce (Rs 1.52 lakh per 10 grams). “We are likely to see some retracement and consolidation before prices move towards next resistance of USD 4,900 per ounce, translating it into Rs 1.58 lakh per 10 grams in the domestic markets,” she added.
Gold prices extended gains for a fourth consecutive session in Asian trade, supported by a weaker dollar and softer Treasury bond yields, as investors assessed signs of a potential de-escalation in the US-Iran conflict,” Manav Modi, Commodities Analyst, Motilal Oswal Financial Services Ltd (MOFSL), said. Bullion prices rebounded after a volatile March, with prices rising sharply as the dollar retreated, though metals remained lower for the month.
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