As the U.S. dollar weakened after softer-than-expected U.S. jobs data, Gold and Silver prices on MCX opened on a flat note on Tuesday. Gold June futures contracts were down by Rs 19 or 0.03% to trade at Rs 71,350 per 10 grams while MCX July silver contracts fell by Rs 72 or 0.09% to Rs 82,883 per kg.
Yesterday gold prices increased sharply by 0.99% and closed at 71369 levels. Silver prices also increased by 2.36% and closed at 82955 levels. According to the World Gold Council reports, global central banks continued buying gold, adding 16MT in March, bringing total purchases to 290 tonnes in the first quarter of this year.
In India buying for the upcoming auspicious festival of Akshaya Tritiya is also supportive of gold prices.
In the US, spot gold rose 1% to $2,324.94 per ounce by 2:00 p.m. ET (1800 GMT). U.S. gold futures for June delivery settled 0.9% higher at $2,331.2 per ounce.
Today, the US Dollar Index, DXY, was hovering near the 105.18 mark, rising 0.13 or 0.13%.”We are expecting that gold and silver prices may move to the positive side due to demand and weakness in the dollar. Gold may test $2045 to $2050 levels and silver may test $28 levels very soon,” says Anuj Gupta, head of Commodity & Currency, HDFC Securities.The range for MCX Gold and Silver by Rahul Kalantri, VP Commodities, Mehta Equities:
- Gold finds support at Rs 71,120 and 70,880, with resistance at Rs 71,540 and 71,720.
- Silver has support at Rs 82,340-81,780, while resistance is at Rs 83,840 and 84,380.
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