Gold price today: The yellow metal opens at Rs 72,085/10 grams, while silver at Rs 82,194/kg

Gold price today: The yellow metal opens at Rs 72,085/10 grams, while silver at Rs 82,194/kg

Gold and the safe-haven dollar retreated from their highs on Monday when gold prices on MCX for June futures fell by Rs 721, or nearly 1 per cent, to trade at Rs 72 085 per 10 grams, while May MCX silver contracts were down by Rs 1,313 or 1.6 per cent at Rs 82,194 per kg.

On Friday, June gold futures settled at Rs 72,806 per 10 grams while May silver futures settled at Rs 83,507 per kilogram. Precious metals retreated after a series of highs in previous weeks.

“The price of gold has declined slightly due to easing geopolitical tensions in the Middle East, which has diminished its appeal as a safe investment. Despite ongoing conflicts between Israel and Iran, the situation appears to be stabilizing, with both sides downplaying the severity of recent strikes. Investors are now looking to upcoming U.S. economic data, particularly the Personal Consumption Expenditures Price Index, which could influence the Federal Reserve’s interest rate decisions,” says Neha Qureshi, technical analyst and senior derivatives at Anand Rathi Commodities & Currencies.

Higher interest rates generally make gold less attractive since it does not earn interest. Despite these factors, according to Neha, the price of gold remains significantly higher this year due to strong demand from central banks and buyers in Asia, particularly China.

In US markets, gold slipped 0.6% to $2,376.40, down from last week’s all-time high of $2,431.29.

Today, the US Dollar Index, DXY, was hovering near the 106.06 mark, up 0.10 or 0.09%. On the daily chart, according to Qureshi, June gold futures formed a bearish engulfing candlestick pattern, unable to hold above 73,300, which is a strong resistance zone suggesting a potential slowdown . The Relative Strength Index (RSI) has entered overbought territory and is showing negative divergences, supporting the bearish outlook. The main resistance levels to watch are at 73,300 and 73,958, while support levels are at 72,300 and 72,020.

Intraday Trading Strategy by Neha Qureshi:

– Sell MCX JUNE Gold futures at Rs 72700 with a stop loss of Rs 73200 and a price target of Rs 72000

– Sell MCX MAY Silver futures at Rs 83400 with a stop loss of Rs 84400 and a price target of Rs 81400

(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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