Gold and silver futures fell heavily on Monday on cues from international spot prices. On the Multi Commodity Exchange (MCX), gold futures for delivery on June 3 declined by 1.21 per cent to 51,127. on Rs. Closed, while it was 51,754 as compared to the previous close. Rupees Was. Silver futures, due for delivery on May 5, last down 1.56 per cent at Rs 62,562 off which took place since the last closure competition 63,556 was.
According to the Mumbai-based industry body India Bullion and Jewelers Association, domestic spot gold with a purity of 24 carat will be available today. 51,406 per 10 grams, and silver 62,820 Rupees Per Kg – GST (Except Goods and Services Tax) Opened at both the rates. IBJA).
Foreign exchange rate:
Globally, gold prices declined today as rise in US treasury yield put pressure on bullion demand. At the same time, expectations of a major increase in interest rates by the US Federal Reserve to contain the rising inflationary pressure also influenced the sentiment. Spot gold fell 0.52 per cent to $1,886.47 an ounce. US gold futures fell 1.18 per cent to $1,886.80.
Bullion is considered a safe store of value during geopolitical and economic crises and also acts as a hedge against inflation. But, higher yields and a stronger dollar make gold more expensive for holders of other currencies. Simply put, if the dollar and yields strengthen, commodity rates usually decline.
Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold prices are expected to outperform even after the current war tensions resolve due to post-war impacts, higher commodity prices and rising inflation. The world will see some sort of bearish zone where gold will be the top favorite asset.
He suggests, “Buy Near Zone – Target ₹51,800 51,500. Sell below – ₹ 51,300 with a target of ₹ 51,000.”
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Limited: “As per the technical charts, Gold and Silver are trading in the oversold zone. At any point of time we can see a big short covering rally. Momentum indicator RSI also quoted in hourly. in the form of a daily chart. Any gap down opening is an opportunity for investors. Hence traders are advised to create fresh buy positions near the given support levels. They should focus on given key technical levels for the day: June Gold Closing Price 51,754, Support 1 – 51,300, Support 2 – 51,000, Resistance 1 – 51,850, Resistance 2 – 52,000. July Silver Closing Price 64,349, Support 1 – 63,700, Support 2 – 62,800, Resistance 1 – 65,700, Resistance 2 – 66,200.