Gold and silver prices lost momentum and closed on a negative note on Tuesday.
“Analysts are eagerly awaiting further comments from Federal Reserve officials for clarity on the potential timing of interest rate cuts. Meanwhile, investors are closely monitoring developments in the Middle East crisis, with Hamas agreeing to a ceasefire plan in Gaza while Israel continued its attacks in Rafah, expressing dissatisfaction with the parameters and pledging to continue discussions. Gold and silver prices are expected to remain volatile during today’s session,” said Rahul Kalantri, vice president of commodities at Mehta Equities.
Spot gold was down 0.1% at $2,311.07 an ounce by 0235 GMT. U.S. gold futures fell 0.3% to $2,316.60.
Gold prices fell in international markets as the dollar edged higher, as market participants assessed the timing of potential U.S. interest rate cuts and looked for new clues for clarity on monetary policy. Bullion is used as a hedge against inflation, but higher rates reduce risk. Today, the US Dollar Index, DXY, was hovering near the 105.54 mark, up 0.13 or 0.12%. Range for Gold and Silver Today by Rahul Kalantari:
- Gold has support at Rs 70,940 and Rs 70,760, with resistance at Rs 71,440 and Rs 71,620.
- For silver, the metal finds support at Rs 82,140-81,580, while resistance is at Rs 83,640 and Rs 84,080.
(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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