Gold rates today held steady below the psychological $2,000-per-ounce level as the US dollar retreated slightly from its seven-week high during morning deals. Gold futures contract for June 2023 on the Multi Commodity Exchange (MCX) opened lower and hit an intraday low as traders and investors focused on the US debt ceiling crisis. 60,049 per 10 gram level. However, in the international market, gold remained above the psychological $1,980 level and today hit a high of $1,986 after hitting a low of $1,980.54 an ounce within minutes of the opening bell of the Asian stock market today. Level reached.
Similarly, silver held steady below $24 an ounce today amid US debt ceiling talks. Silver futures for May 2023 expiry on MCX opened lower and hit an intraday low 72,481 per kg while it made an intraday high 72,557 level. silver price on mcx 72,658 per kg. In the international market, silver opened lower below $24 levels at $23.736 an ounce and traded as low as $23.670, while hitting an intraday high of $23.780.
gold price A range of $1,965-$2,020 could remain in the next two weeks, but the general trend remains quite weak, as rising optimism around the debt range is also likely to put pressure on bullion, said Eduard Meir, metals analyst at Marex.
Why is the price of gold falling?
Gold prices have slipped below the $2,000 level after hitting a seven-week high against the US dollar on speculations of an interest rate cut by the US Fed this year. After better than expected US inflation and other economic data, the market is expecting that the US Fed will not hold the interest rate. And instead the US central bank could be in for a possible interest rate cut,” said Anuj Gupta, Vice President – Research at IIFL Securities.
gold price outlook
Expecting further downside in gold prices, Deveya Gaglani, Research Analyst – Commodities, Axis Securities, said, “A detailed analysis of the daily charts indicates that the precious metal is expected to trade below the important 20-day and 9-day Exponential Moving Averages (EMAs).” Gold is trading below. Indicating a well-established downtrend. Moreover, the Relative Strength Index (RSI) is below its reference line, which is a strong negative signal for gold price. Unless the key resistance level of 60550 is traded below. is not strongly breached, we anticipate that the bias for gold prices will remain tilted to the downside.”
Gold prices have taken strong support today on MCX, says Anuj Gupta for risk-averse traders 59,500 and so one can do with almost gold 59,900 level for a possible short term target Maintaining stop loss at 60,400 per 10 grams 59,500 level.
Silver Price Outlook
Anuj Gupta’s advice to those who want to invest in silver IIFL Securities said, “Those who want to invest in the white metal can buy the precious metal 72,000 level for short term target 73,100 per kg level.” However, Anuj Gupta advised silver investors to maintain a tight stop loss 71,500 per kg level.
Anuj Gupta of IIFL Securities said that silver took immediate support near $23 an ounce in the international market today.
Markets are currently pricing in a 76.2 percent chance of the US Fed keeping interest rates at current levels in June, according to the CME FedWatch tool. Rising interest rates dull the appeal of non-yielding bullion.
(with inputs from Reuters)
Disclaimer: The views and recommendations in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to do due diligence with certified experts before making any investment decision.
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