Gold price saw a rise on Tuesday tracking the positive trend in the international market. On the Multi-Commodity Exchange (MCX), gold futures were up by 0.52 per cent to Rs 49,607 for 10 grams at 1350 hours IST. Silver also witnessed a massive jump on June 1. The metal?s futures rose 1.39% to Rs 72,900 a kilogram.
In the international market, gold prices climbed to a new high on Tuesday driven by a weaker dollar and growing inflationary pressures. Spot gold was up 0.4% at $1,915.01 per ounce by 0636 GMT for the first time in nearly five months. US gold futures rose 0.6% to $1,917.20. The dollar index was down 0.3% against its rivals, making gold less expensive for other currency holders.
?The gold market is close to turning positive on the year as prices hold support above $1,900. The market is just hitting its stride as the US Federal Reserve is not ready to tighten its ultra-loose monetary policy even as inflation pressures continue to rise. As long as the Fed refuses to change its monetary policy in response to rising inflation, real interest rates will continue sliding further into negative territory, which is good news for gold. A glance at US bond yields makes it clear that no rapid change in direction on the part of the US Federal Reserve can be expected,? Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.
In the domestic market, gold and silver both are in super bullish trend, All the fundamentals and technical are in its favour, So traders are definitely advise to go long and focus some important technical levels given below for the day:
August Gold closing price Rs 49,349, Support 1 ? Rs 49,200, Support 2 ? Rs 49,000, Resistance 1 ? Rs 49,500, Resistance 2 ? Rs 49,700. July Silver closing price Rs 71,898, Support 1 ? Rs 71,500, Support 2 ? Rs 70500, Resistance 1 ? Rs 72,150, Resistance 2 ? Rs 73,000.
?International spot gold and silver prices have started flat to higher this Tuesday morning in Asian trade as US Dollar extended losses this Tuesday. Technically, LBMA Gold Spot above $1912 level could see a bullish momentum up to $1923-$1935 levels. Support is at $1902-1895 levels. Technically, LBMA Silver holds a strong resistance near $28.40-$29.66 levels. Support is at $28.10-$27.60 levels,? said Sriram Iyer, senior research analyst at Reliance Securities.
?Domestic gold and silver prices could start flat to higher this Tuesday morning tracking overseas prices. Technically, MCX Gold August above RS 49,300 could see an upside move up to Rs 49,550-49,700 levels. Support is at Rs 49,160-48,900 levels. Technically, MCX Silver July above Rs 72,000 could take prices up to Rs 72,500-73200 levels. Support is at Rs 71,200-70600 levels,? analyst added.
Read all the Latest News, Breaking News and Coronavirus News here.
Comments
0 comment