Gold prices on MCX for June futures rose by Rs 36 to trade at Rs 71,065 per 10 grams on Wednesday, while May MCX silver contracts rose by Rs 172 or 0 .21% at Rs 80,850 per kg.
Safe-haven buying amid the Iran-Israel conflict pushed gold prices to an all-time high of Rs 73,958 on April 12.
On Tuesday, June gold futures settled flat at Rs 71,014 per 10 grams with a loss of 0.02% and May silver futures settled at Rs 21 or 0.02% down to Rs 80,657 per kilogram.
“Akshyay Tritiya is just around the corner, so consumers think this is a great buying opportunity and, more importantly, I think global uncertainties persist, the war between Israel and Hamas, or the Russia, Ukraine, or even how the Other geopolitical tensions in Southeast Asia and on the China side continue, so any bad news will push the price of gold up again,” says Suvankar Sen, Managing Director and CEO of Senco Gold & Diamonds.
“I think it’s more about profit-taking for which prices have fallen,” adds the senator. “Consumers also need to understand that viable political risks and tensions are not going away. Additionally, if US reports start to turn negative on unemployment, an interest rate cut will also be considered. So I think consumers have understood this and are coming to try to buy jewelry, fearing that gold prices will rise again. crucial U.S. economic data that could shed more light on the timing of interest rate cuts.
In US markets, spot gold was down 0.1% at $2,320.19 an ounce at 0115 GMT, after hitting its lowest level since April 5 in the previous session. Bullion’s March-April rally sent it up nearly $400 to an all-time high of $2,431.29 on April 12.
US gold futures fell 0.4% to $2,333.80 an ounce and markets await March personal consumption expenditure (PCE) data – the preferred inflation gauge of the Fed – later this week to better determine the trajectory of monetary policy.
Today, the US dollar index, DXY, was below the 106 mark at Rs 105.67, losing 0.01 or 0.01 per cent.
International and domestic silver prices also stabilized during Tuesday’s session.
“From an intraday perspective, international gold prices started slightly in the red this Wednesday morning in Asian trading as traders look to the data for clues on the monetary policy outlook of the Fed,” said Sriram Iyer, senior research analyst at Reliance Securities.
“The range for June MCX gold is 70,400-71,400, while that for May MCX silver is 81,400-82,900,” Iyer added.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Gold prices on MCX for June futures rose by Rs 36 to trade at Rs 71,065 per 10 grams on Wednesday, while May MCX silver contracts rose by Rs 172 or 0 .21% at Rs 80,850 per kg.
Safe-haven buying amid the Iran-Israel conflict pushed gold prices to an all-time high of Rs 73,958 on April 12.
On Tuesday, June gold futures settled flat at Rs 71,014 per 10 grams with a loss of 0.02% and May silver futures settled at Rs 21 or 0.02% down to Rs 80,657 per kilogram.
“Akshyay Tritiya is just around the corner, so consumers think this is a great buying opportunity and, more importantly, I think global uncertainties persist, the war between Israel and Hamas, or the Russia, Ukraine, or even how the Other geopolitical tensions in Southeast Asia and on the China side continue, so any bad news will push the price of gold up again,” says Suvankar Sen, Managing Director and CEO of Senco Gold & Diamonds.
“I think it’s more about profit-taking for which prices have fallen,” adds the senator. “Consumers also need to understand that viable political risks and tensions are not going away. Additionally, if US reports start to turn negative on unemployment, an interest rate cut will also be considered. So I think consumers have understood this and are coming to try to buy jewelry, fearing that gold prices will rise again. crucial U.S. economic data that could shed more light on the timing of interest rate cuts.
In US markets, spot gold was down 0.1% at $2,320.19 an ounce at 0115 GMT, after hitting its lowest level since April 5 in the previous session. Bullion’s March-April rally sent it up nearly $400 to an all-time high of $2,431.29 on April 12.
US gold futures fell 0.4% to $2,333.80 an ounce and markets await March personal consumption expenditure (PCE) data – the preferred inflation gauge of the Fed – later this week to better determine the trajectory of monetary policy.
Today, the US dollar index, DXY, was below the 106 mark at Rs 105.67, losing 0.01 or 0.01 per cent.
International and domestic silver prices also stabilized during Tuesday’s session.
“From an intraday perspective, international gold prices started slightly in the red this Wednesday morning in Asian trading as traders look to the data for clues on the monetary policy outlook of the Fed,” said Sriram Iyer, senior research analyst at Reliance Securities.
“The range for June MCX gold is 70,400-71,400, while that for May MCX silver is 81,400-82,900,” Iyer added.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
