Gold and silver futures rose Friday, based on international spot prices. On the Multi Commodity Exchange (MCX), gold futures, set to be delivered on June 3, were last seen 0.22 percent higher at Rs 50,656, compared to the previous close of Rs 50,544. Silver futures, scheduled for delivery on July 5, were last up 0.43 percent at Rs 61,830 from the previous close of Rs 61,564.
Domestic spot gold with 24-carat purity opened today at Rs 51,012 per 10 grams, and silver at Rs 61,855 per kilogram – both rates excluding GST (goods and services tax), according to the Mumbai-based industry association India Bullion and Jewelers Association (IBJA). ).
— IBJA (@IBJA1919) May 20, 2022
Foreign currency exchange rate:
Gold prices have strengthened today as the US dollar’s pullback from its highest point in the past two decades and mounting concerns about US economic growth have revived demand for safe-haven precious metals. Spot gold rose 0.27 percent to $1,846.70 an ounce. US gold futures rose 0.1 percent to $1,844.30.
Because precious metals do not yield interest, it may become less attractive to investors when short-term interest rates in the US are increased. However, gold is seen as a safe store of value in times of economic crises.
Ravi Singh, Vice President and Head of Research, ShareIndia: Gold is witnessing indecision as concerns over growth, geopolitical uncertainty and rising inflation push the price higher, while the firm US dollar and rising bond yields erode gold’s luster. Investors can’t decide whether to buy dips or short. highs indecision in gold can persist for some time.
He suggested: “Buy Zone above – Rs 50,650 for the target of Rs 50,900. Buy Zone below – Rs 50,350 for the target of Rs 50,100.”
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “According to the technical chart, gold and silver are bottoming out. We could see a huge short-covering rally in the coming future. Momentum indicator RSI also mentioned the same in both the hourly and daily charts. So traders are advised to create new ones. buy positions near certain support levels.They should target key technical levels given for the day: June Gold closing price Rs 50,544, Support 1 – Rs 50,400, Support 2 – Rs 50,200, Resistance 1 – Rs 50,750, Resistance 2 – Rs 50,950 July Silver closing price Rs 61,564, Support 1 – Rs 61,100, Support 2 – Rs 60,600, Resistance 1 – Rs 62,000, Resistance 2 – Rs 62,500.”