Gold price today: Gold opens at Rs 72,365/10 grams, silver above Rs 85,000/kg

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Gold price today: Gold opens at Rs 72,365/10 grams, silver above Rs 85,000/kg

Ahead of the US inflation data, June gold futures on the MCX traded on a steady note, up 0.09 per cent or Rs 68 at Rs 72,365/10 grams on Wednesday, while as July MCX Silver contracts rose 0.18% or Rs 152 to Rs 85,569/kg.

Data on US inflation (the core consumer price index) is expected to show a moderation in inflation for the first time in six months. If confirmed, this could suggest the possibility of an interest rate cut by the Federal Reserve later in the year, which is generally favorable for gold.

Globally, the price of gold has remained relatively stable, trading near $2,356 per ounce, after recently rising almost 1%.

Spot gold held steady at $2,359.02 an ounce at 0314 GMT, trading within a tight $5 range, after gaining 1% on Tuesday, while U.S. gold futures rose 0.2% to $2,364.60.

Today, the US Dollar Index, DXY, was hovering below the 105 mark at 104.93, down 0.08%. Despite several economic fluctuations, gold has maintained a strong performance this year, rising approximately 14%. This rise was supported by several factors, including central bank purchases, increased geopolitical tensions and strong demand from Chinese consumers. Additionally, the price of platinum also rose significantly this week, following revised projections that anticipate a greater shortage of the metal. “On the daily trading chart, gold displayed a bullish engulfing candlestick pattern, suggesting a positive outlook for its price. This upward trend is reinforced by gold’s rebound from its 21-day exponential moving average (EMA), which currently acts as a support level. Additionally, a positive divergence in the Relative Strength Index (RSI) suggests growing market momentum. Keep an eye on potential resistance levels at 72,900 and 73,300. On the lower side, support levels are set at 71,800 and 71,200,” said Neha Quereshi of Anand Rathi Commodities.Intraday Strategy by Neha Quereshi:

– Buy MCX JUNE Gold futures at Rs 72300 with a stop loss of Rs 71800 and a price target of Rs 72900

– Buy MCX JULY Silver futures at Rs 85500 with a stop loss of Rs 84500 and a price target of Rs 87500

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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