Gold rate as we speak: Gold prices on the Multi Commodity Exchange (MCX) skilled an uptick, climbing by Rs 102 or 0.14% to attain Rs 72,785 per 10 grams. Similarly, silver prices noticed a rise, with MCX May silver contracts rising by Rs 112 or 0.13% to Rs 83,385 per kilogram. These worth actions occurred on Friday amidst rising considerations over geopolitical tensions.
As per an ET report, Gold June futures settled at Rs 72,683 per 10 grams on Thursday, whereas silver May futures settled at Rs 83,851 per kilogram, marking a acquire of 1.25%.It’s anticipated that gold will keep a constructive development within the close to future except geopolitical tensions ease.
In March, US retail gross sales information exceeded expectations, with headline retail gross sales rising by 0.70%, surpassing the forecast of 0.40%. Previous information was additionally revised greater to 0.90% from the initially reported 0.60%. Consequently, US yields reached their peak ranges for 2024, inflicting gold to drop to $2325. However, gold rapidly rebounded due to considerations over Israel’s response to Iran’s assault.
Spot gold concluded the day with a acquire of roughly 1.80%, closing at $2388. Today, the US Dollar Index (DXY) remained comparatively regular close to the 106.24 mark, experiencing a marginal enhance of 0.09 or 0.08%.
ALSO READ | Why is RBI shopping for gold? Reserve Bank of India purchases almost 13.3 tonnes of gold in Jan-Feb 2024
Gold prices soared above $2,400 per ounce due to heightened demand for a safe funding amidst escalating tensions between Israel and Iran. The worth of gold rose by 1.3%, marking its fifth consecutive weekly acquire. This surge in gold prices is influenced by experiences of explosions in Iran, Syria, and Iraq. It aligns with elevated rhetoric following a drone and missile strike, with Iran issuing warnings towards assaults on its nuclear amenities and threatening retaliation, defined Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies.
Neha Qureshi additional added that regardless of strong job information indicating greater rates of interest, sometimes discouraging funding in non-interest-bearing property equivalent to gold, geopolitical uncertainties have sustained gold’s attractiveness. Furthermore, strong demand from central banks and Chinese customers has contributed to the upward trajectory of gold prices. Spot gold rose by 1.1% to $2,404.95 per ounce in early buying and selling in Singapore.
According to her evaluation, the day by day chart reveals that June gold futures have shaped a bearish engulfing candlestick sample, indicating a potential downturn. The Relative Strength Index (RSI) has entered the overbought territory and is exhibiting destructive divergences, additional confirming the bearish outlook. Key resistance ranges to monitor are at 73,300 and 73,958, whereas help ranges are at 72,020 and 71,700.
Quereshi’s buying and selling technique for the day is as follows:
– Sell MCX June Gold futures at Rs 72,700, with a cease loss set at Rs 73,200, and a worth goal of Rs 72,000.
– Sell MCX May Silver futures at Rs 83,300, with a cease loss set at Rs 84,300, and a worth goal of Rs 81,300.
As per an ET report, Gold June futures settled at Rs 72,683 per 10 grams on Thursday, whereas silver May futures settled at Rs 83,851 per kilogram, marking a acquire of 1.25%.It’s anticipated that gold will keep a constructive development within the close to future except geopolitical tensions ease.
In March, US retail gross sales information exceeded expectations, with headline retail gross sales rising by 0.70%, surpassing the forecast of 0.40%. Previous information was additionally revised greater to 0.90% from the initially reported 0.60%. Consequently, US yields reached their peak ranges for 2024, inflicting gold to drop to $2325. However, gold rapidly rebounded due to considerations over Israel’s response to Iran’s assault.
Spot gold concluded the day with a acquire of roughly 1.80%, closing at $2388. Today, the US Dollar Index (DXY) remained comparatively regular close to the 106.24 mark, experiencing a marginal enhance of 0.09 or 0.08%.
ALSO READ | Why is RBI shopping for gold? Reserve Bank of India purchases almost 13.3 tonnes of gold in Jan-Feb 2024
Gold prices soared above $2,400 per ounce due to heightened demand for a safe funding amidst escalating tensions between Israel and Iran. The worth of gold rose by 1.3%, marking its fifth consecutive weekly acquire. This surge in gold prices is influenced by experiences of explosions in Iran, Syria, and Iraq. It aligns with elevated rhetoric following a drone and missile strike, with Iran issuing warnings towards assaults on its nuclear amenities and threatening retaliation, defined Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies.
Neha Qureshi additional added that regardless of strong job information indicating greater rates of interest, sometimes discouraging funding in non-interest-bearing property equivalent to gold, geopolitical uncertainties have sustained gold’s attractiveness. Furthermore, strong demand from central banks and Chinese customers has contributed to the upward trajectory of gold prices. Spot gold rose by 1.1% to $2,404.95 per ounce in early buying and selling in Singapore.
According to her evaluation, the day by day chart reveals that June gold futures have shaped a bearish engulfing candlestick sample, indicating a potential downturn. The Relative Strength Index (RSI) has entered the overbought territory and is exhibiting destructive divergences, additional confirming the bearish outlook. Key resistance ranges to monitor are at 73,300 and 73,958, whereas help ranges are at 72,020 and 71,700.
Quereshi’s buying and selling technique for the day is as follows:
– Sell MCX June Gold futures at Rs 72,700, with a cease loss set at Rs 73,200, and a worth goal of Rs 72,000.
– Sell MCX May Silver futures at Rs 83,300, with a cease loss set at Rs 84,300, and a worth goal of Rs 81,300.
