Gold Price Today: Yellow metal tops Rs 72,000/10 grams on Akshaya Tritiya; silver near Rs 85,000/kg
Gold Price Today: Yellow metal tops Rs 72,000/10 grams on Akshaya Tritiya; silver near Rs 85,000/kg
After consistently trading below Rs 72,000 for the past few sessions, gold prices on MCX for June futures contracts rose by Rs 442 or 0.62% to trade at Rs 72,081 per 10 grams on the auspicious occasion of Akshaya Tritiya on Friday.
Meanwhile, MCX July silver contracts were up by Rs 418 or 0.49% to Rs 84,917 per kg.
Gold prices reached their highest level in over two weeks, supported by new US data suggesting the Fed may reduce interest rates this year. Recent figures showed a rise in unemployment claims, indicating a slowdown in the job market.
Lower interest rates would make gold more attractive, as it does not earn interest. Meanwhile, geopolitical tensions in the Middle East have also enhanced gold’s appeal as a safe investment. Although gold has pulled back from its mid-April peak, it’s still up 14% for the year.
In the US, spot gold gained 0.2% at $2,350.87 per ounce by 0212 GMT after hitting a more than two-week high earlier. Prices have risen 2.2% so far this week.
US gold futures rose 0.7% to $2,356.90, while spot silver was up 0.2% to $28.38 per ounce and was set to register its best week since April 5.
Today, the US Dollar Index, DXY, was hovering near the 105.31 mark, rising 0.09 or 0.08%.
“On the daily chart, gold has displayed a bullish engulfing candlestick pattern, suggesting a positive outlook. It has rebounded off its 21-day exponential moving average (EMA) for support. A move above the 72,300 level could signal a continuation of the bullish trend. Key resistance levels to watch are at 72,300 and 72,950, while support levels are found at 71,400 and 70,800,” says Neha Quereshi, senior technical & derivative analyst, Anand Rathi Commodities & Currencies.
Intraday Trading Strategy by Neha Quereshi:
– Buy MCX JUNE Gold futures at Rs 71,700 with a stop loss of Rs 71,300 and a price target of Rs 72300
– Buy MCX JULY Silver futures at Rs 84,600 with a stop loss of Rs 83,600 and a price target of Rs 86600
(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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