Gold, Silver Rate Today: Geopolitical tensions continue to linger“Gold traded positive with prices near $5,180, gaining about 0.50%, while MCX Gold rose by ₹1,300 to around ₹1,61,000. The easing in crude oil prices and a weaker dollar supported the uptick in bullion.However, geopolitical tensions continue to linger and crude price movements will remain a key factor influencing sentiment. For now, gold is expected to trade in a range of ₹1,58,000–₹1,64,000 on MCX, says Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
Gold, Silver Rate Today: Gold: up as Dollar easesSpot gold is currently moving inversely to the US Dollar Index. The moves are more about Dollar gyrations rather than safe haven demand.Yesterday, the metal closed with a loss of around 0.60% at $5139 as the Dollar Index eased on on the US President Trump’s comments that Iran was nearly very complete, which dragged oil sharply lower . In addition, possibility of G7 nations releasing crude oil from their respective strategic reserves weighed further on oil prices. Decline in oil prices has reduced safe haven demand for Dollar, which is benefitting gold.Gold needs to take out immediate resistance around $5200 to challenge the next hurdle around $5250/$5280. Support is at $5100, says Praveen Singh Head of commodities and currencies at Mirae Asset ShareKhan.
Gold, Silver Rate Today: MCX Gold risesGold prices advanced by Rs 1,853 to reach Rs 1.62 lakh per 10 grams in futures trading on Tuesday, supported by a softer US dollar and improving global market sentiment that boosted demand for the safe-haven asset.Data from the Multi Commodity Exchange showed that gold contracts for April delivery rose by Rs 1,853, or 1.16 per cent, to Rs 1,62,152 per 10 grams, with a trading volume of 7,355 lots.Market analysts said the precious metal recovered from losses recorded in the previous session after the US dollar weakened. The currency decline followed remarks by President Donald Trump indicating that the conflict with Iran might be approaching an end.
Leave a Reply