Gold rate today: After reaching record highs on Thursday, gold and silver prices faced selling pressure as the US dollar rebounded in early morning trading on Friday. The MCX gold rate for June 2024 expiry opened lower at ₹69,297 per 10 gm, approximately 0.50 percent below Thursday’s closing price of ₹69,707 per 10 gm. In the international market, spot gold prices dropped below the $2,300 level in the early morning session, currently hovering around $2,275 per ounce.
Similarly, the silver rate today on MCX opened lower at ₹79,339 per kg and touched an intraday low of ₹78,777 per kg shortly after the commodity market’s opening bell. In the international market, silver price is at approximately $26.50 per ounce.
Reasons for Decreasing Gold and Silver Prices
Head of Commodity & Currency at HDFC Securities, Anuj Gupta, attributed the pressure on precious metal prices to the resurgence of the US dollar rates. The US dollar index, after retracting from a four-and-a-half month high on Thursday, saw some bottom fishing in the early morning session, impacting precious metal prices.
Focus on US Non-farm Payroll Data
Analyst Saish Sandeep Sawant Dessai from Angel One highlighted the significance of data, including the US non-farm payroll report, in dictating gold and silver rates. He pointed out the attention on Federal Reserve officials and the anticipation regarding rate reductions around June based on market expectations and recent data trends.
Gold Price Forecast
The outlook for gold remains cautiously optimistic as investors await further clarity on US interest rate cuts and monitor geopolitical developments. The appeal for gold has been strengthened by central bank purchases and inflows of safe-haven investments amid rising geopolitical tensions.
Key Levels to Monitor
Gupta recommended that gold and silver prices are nearing support levels of $2,280 and $26.50 per ounce, respectively in the international market. Keeping a close eye on these levels can help anticipate potential further downside in precious metal prices. However, with the impending US non-farm payroll data release and positive expectations for US economic data, maintaining stop loss levels is advised for investors in the domestic market.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. Investors are urged to consult certified experts before making any investment decisions.
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Gold rate today: After reaching record highs on Thursday, gold and silver prices faced selling pressure as the US dollar rebounded in early morning trading on Friday. The MCX gold rate for June 2024 expiry opened lower at ₹69,297 per 10 gm, approximately 0.50 percent below Thursday’s closing price of ₹69,707 per 10 gm. In the international market, spot gold prices dropped below the $2,300 level in the early morning session, currently hovering around $2,275 per ounce.
Similarly, the silver rate today on MCX opened lower at ₹79,339 per kg and touched an intraday low of ₹78,777 per kg shortly after the commodity market’s opening bell. In the international market, silver price is at approximately $26.50 per ounce.
Reasons for Decreasing Gold and Silver Prices
Head of Commodity & Currency at HDFC Securities, Anuj Gupta, attributed the pressure on precious metal prices to the resurgence of the US dollar rates. The US dollar index, after retracting from a four-and-a-half month high on Thursday, saw some bottom fishing in the early morning session, impacting precious metal prices.
Focus on US Non-farm Payroll Data
Analyst Saish Sandeep Sawant Dessai from Angel One highlighted the significance of data, including the US non-farm payroll report, in dictating gold and silver rates. He pointed out the attention on Federal Reserve officials and the anticipation regarding rate reductions around June based on market expectations and recent data trends.
Gold Price Forecast
The outlook for gold remains cautiously optimistic as investors await further clarity on US interest rate cuts and monitor geopolitical developments. The appeal for gold has been strengthened by central bank purchases and inflows of safe-haven investments amid rising geopolitical tensions.
Key Levels to Monitor
Gupta recommended that gold and silver prices are nearing support levels of $2,280 and $26.50 per ounce, respectively in the international market. Keeping a close eye on these levels can help anticipate potential further downside in precious metal prices. However, with the impending US non-farm payroll data release and positive expectations for US economic data, maintaining stop loss levels is advised for investors in the domestic market.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. Investors are urged to consult certified experts before making any investment decisions.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news, and a personalized newsfeed – it’s all here, just a click away! Login Now!
