Gold was trading flat in the domestic market on Tuesday. On the Multi-Commodity Exchange (MCX), gold future was down by 0.17 per cent at Rs 48,393 for 10 grams at 10.35 am. However, silver was trading in positive territory on May 18. July silver futures were up by 0.85 per cent higher at Rs 73,950
Gold was trading flat in the domestic market on Tuesday. On the Multi-Commodity Exchange (MCX), gold future was down by 0.17 per cent at Rs 48,393 for 10 grams at 10.35 am. However, silver was trading in positive territory on May 18. July silver futures were up by 0.85 per cent higher at Rs 73,950 a kilogram at 10.30 am.
In the international marker, gold prices rose to the highest level in three-and-a-half months over weaker US dollar and growing inflationary pressure. Spot gold was up 0.1% at $1,868.27 per ounce by 0314 GMT, after hitting its highest since January 29 at $1,873.41 earlier in the day. US gold futures were steady at $1,868.30. The dollar index slipped 0.1% to hit a one-week low against its rivals, making gold less expensive for other currency holders.
“Investors should keep a close eye on gold’s relationship with the US macroeconomic data that have been disappointing recently, especially when it came to the US latest employment and retail numbers,” Amit Khare, AVP- Research Commodities, Ganganagar Commodities Limited.
“Gold tends to outperform when economic data is weakening and underperforms when economic prospects improve. Economic data expectations are often adaptive, falling sharply following a negative shock such as COVID shutdowns and the accompanying weak data. Conversely, when data reflects higher, the consensus tends to extend the developing positive trend higher, often overestimating future activity,” he added.
“We saw a very good bounce in both precious metals in the last trading sessions, which may continue in today’s trading session, So traders are advised to go long in bullions and also focus important technical levels given below: June Gold closing price Rs 48,474, Support 1 – Rs 48,100, Support 2 – Rs 47,800, Resistance 1 – Rs 48,550, Resistance 2 – Rs 48,950.,July Silver closing price Rs 73,324, Support 1 – Rs 72,600, Support 2 – Rs 72,200, Resistance 1 – Rs 74,500, Resistance 2 – Rs 77,000.
“Experts also saying that people can play longer on gold this time as the returns can be very fruitful based on overall recertification. Still the international prices were downward due to unnamed causes but that has less impact on domestic market,” said Amit Gupta, managing director, SAG Infotech.
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