Gold rate today: At MCX, Gold June futures contracts opened at Rs 93,271/10 grams, showing an increase of 0.68% or Rs 634. Meanwhile, silver July futures contracts began trading steady at Rs 94,145/kg, reflecting a modest rise of Rs 81 or 0.09%.
Gold prices have declined from peak levels, dropping by Rs 2,754/10 grams on MCX during the previous week. Both gold and silver values decreased due to optimism surrounding US-China trade discussions and strengthening of the dollar index.
The previous trading day witnessed mixed closings for gold and silver in domestic and international markets. Gold June futures finalised at Rs 92,637 per 10 grams, gaining 0.32%, whilst silver July futures concluded at Rs 94,064 per kilogram, declining by 0.70%.
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The previous week saw significant price fluctuations in gold and silver, with profit-booking occurring amidst dollar index recovery and positive developments in US-China trade talks. Both precious metals reached 3-week lows following the U.S. President’s announcement regarding trade negotiations with India, Japan, South Korea and China.
The dollar index bounced back from several-month lows and approached the 100 mark following Trump’s remarks, causing a decline in precious metals prices. Currently, the US Dollar Index (DXY) stands at 99.73, showing a decrease of 0.30 or 0.30%.
“The U.S. economic data released last week were mixed as non-farm employment surged higher and also triggered profit taking in both precious metals. However, contraction in the first quarter U.S. GDP and higher jobless claims supported gold prices at lower levels,” said Manoj Kumar Jain of Prithvifinmart Commodity Research according to an ET report.
According to Jain’s analysis, price fluctuations in gold and silver are anticipated this week due to dollar index variations and the upcoming U.S. Fed monetary policy meetings. He suggests that gold could reach a support level of $3,180 per troy ounce, while silver might touch $31.40 per troy ounce.
