Home Finance Gold price today: Slight decline in yellow metal, silver below Rs 72,000

Gold price today: Slight decline in yellow metal, silver below Rs 72,000

15
0

New Delhi: Gold Prices fell from near five-month highs on Wednesday, as US manufacturing activity boosted investment confidence in riskier assets. A strengthening US dollar put pressure on gold prices. Domestic markets followed global trends and the precious metals declined.

Data showed US manufacturing activity picked up in May as orders spurred demand in a reopening economy, but raw material and labor shortages remained a concern. Market participants are focused on US payrolls data later this week for further clarity on the economic recovery.

The US 10-year Treasury yield rose above a one-week high overnight, weighing on the safe-haven metal and increasing the opportunity cost of holding non-interest-bearing gold.

Risk sentiment in broader financial markets remained upbeat as investors weighed the latest US economic data for signs of a rebound and a higher inflation reading. Gold, often used as a hedge against inflation, is backed by rising prices.

The physical demand for gold in India, the second largest bullion consumer, has declined. ETF inflows indicated some buying interest from investors. However, this is due to weak consumer demand due to virus-related restrictions in India.

On MCX, gold futures fell 0.12 per cent, or Rs 61, to Rs 49,364 per 10 grams. silver Futures fell 0.55 per cent or Rs 398 to Rs 71,850 per kg.

“COMEX gold trades in a narrow range near $1900/oz after closing almost flat in the previous session. Gold is trading near $1900/oz reflecting volatility in the US dollar and equity markets, as market players trade economic Assessing monetary policy amid growth and rising inflationary pressures.” Ravindra Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities.

According to the Indian Bullion and Jewelers Association, gold of the highest purity was sold at Rs 49,319 while silver at Rs 72,413 in the spot market on Tuesday.



“Gold may trade choppy with US Dollar and Equity market. However, general bias may be upwards unless US Dollar improves significantly”

trading strategy

Tapan Patel said, “We expect gold prices to decline for the day, with COMEX spot gold support at $1880 and resistance at $1920 per ounce. MCX Gold June futures support at Rs 49,200 and resistance at Rs 49,800 per 10 grams is.” Senior Analyst (Commodities), HDFC Securities.

global market

Spot gold was down 0.1 per cent at $1,898.58 an ounce as of 0053 GMT on Tuesday, after hitting a high since January 8 at $1,916.40. US gold futures fell 0.2 per cent to $1,901.90 an ounce.

Palladium fell 0.1 per cent to $2,856.82 an ounce, silver was down 0.1 per cent at $27.88 and platinum was steady at $1,191.51.

.

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of knews.uk and knews.uk does not assume any responsibility or liability for the same.

For latest entertainment news| health news| political news| sports news| travel news| Covid-19 news| Tech news| Digital Marketing| Lyrics

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.