Yesterday, gold prices rose sharply by 0.99% and closed at the level of 71,369. Silver prices also increased by 2.36% and closed at the level of 82,955. According to the World Gold Council reports, global central banks continued to buy gold, adding 16 MT 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 supporting the gold price.
In the United States, spot gold rose 1% to $2,324.94 an ounce by 2:00 p.m. ET (18:00 GMT). U.S. gold futures for June delivery rose 0.9% to $2,331.2 an ounce.
Today, the US Dollar Index, DXY, was hovering near the 105.18 mark, up 0.13 or 0.13%. “We expect that gold and silver prices could move towards the positive side due to demand and dollar weakness. at $2,050 and silver may test $28 levels very soon,” says Anuj Gupta, Head of Commodities and FX at HDFC Securities. The MCX Gold and Silver Range 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.
(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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