Gold rate today: Yellow metal prices above Rs 72,000 mark on Akshaya Tritiya; Silver rises to Rs 84,917/kg
Gold rate today: Yellow metal prices above Rs 72,000 mark on Akshaya Tritiya; Silver rises to Rs 84,917/kg
Gold rate today: Gold prices on MCX for June futures broke through the Rs 72,000 mark on Akshaya Tritiya, with a 0.62% increase, reaching Rs 72,081 per 10 grams. This rise comes after several sessions of trading below this level.
According to ET, silver also experienced gains, with MCX July futures contracts rising 0.49% to Rs 84,917 per kg.
Gold prices hit their highest level in more than two weeks, boosted by new US data indicating the Federal Reserve might lower interest rates later this year. This is partly because recent data showed an increase in unemployment claims, suggesting a slowing job market.
Lower interest rates make gold more appealing, as it doesn’t yield interest. Additionally, ongoing geopolitical tensions in the Middle East have strengthened gold’s attractiveness as a safe-haven investment. Despite gold prices having dropped from their mid-April peak, they remain up 14% for the year.
In the US, spot gold rose by 0.2%, trading at $2,350.87 per ounce as of 0212 GMT, following a more than two-week high earlier in the day. Overall, prices have increased by 2.2% this week.
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US gold futures increased by 0.7%, reaching $2,356.90 per ounce, while spot silver climbed 0.2% to $28.38 per ounce, heading toward its best week since April 5.
The US Dollar Index (DXY) hovered around the 105.31 mark today, with a slight increase of 0.09 points, or 0.08%.
“On the daily chart, gold has displayed a bullish engulfing candlestick pattern, suggesting a positive outlook,” says Neha Quereshi, senior technical & derivative analyst at Anand Rathi Commodities & Currencies.
She notes that gold has rebounded from its 21-day exponential moving average (EMA), which provides support. If gold rises above Rs 72,300, the bullish trend could continue. Key resistance levels to watch are Rs 72,300 and Rs 72,950, while support levels are at Rs 71,400 and Rs 70,800.
Neha Quereshi’s intraday trading strategy is as follows:
– Gold: Buy MCX June gold futures at Rs 71,700, set a stop loss at Rs 71,300, and aim for a price target of Rs 72,300.
– Silver: Buy MCX July silver futures at Rs 84,600, with a stop loss at Rs 83,600, and a target price of Rs 86,600.
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