Gold rate today: Gold June futures at MCX have declined substantially by Rs 7,900 from their peak of Rs 99,358/10 grams, as safe haven buying in precious metals diminishes. During Thursday’s trading, it reached an intraday low of Rs 91,461/10 grams, registering a decrease of Rs 804 or 0.97%.The ongoing trade negotiations between the U.S. and China altered the sentiment in bullion markets, leading traders and investors to close their long positions and secure profits.Silver July futures displayed a comparable trend, trading 1.06% lower with a decline of Rs 1,011 at Rs 94,455/kg.Both gold and silver closed lower in domestic and international markets on Wednesday. Gold June futures settled at Rs 92,265 per 10 grams, dropping 1.48%, while silver July futures ended at Rs 95,466 per kilogram, declining 1.34%.The precious metals failed to maintain their previous session’s gains and declined further as safe-haven demand decreased due to US-China trade discussions and significant risk aversion in global financial markets.“Gold and silver prices also plunged amid easing U.S. CPI inflation in April month and faded chances of Fed rate cuts in June policy meetings,” said Manoj Kumar Jain of Prithvifinmart Commodity Research, according to an ET report.The surge in U.S. 10-year bond yields beyond 4.50% resulted in downward pressure on gold and silver prices. Nevertheless, the declining dollar index and uncertainties surrounding long-term international trade agreements with the U.S. might provide support for metal valuations at reduced levels.Also Check | Gold & silver price prediction: Why is the Rs 92,000 level critical?The US Dollar Index (DXY) registered a decline of 0.22 or 0.22%, positioning itself near 100.82.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the key global economic data; gold prices could hold its key support level of $3,140 per troy ounce and silver prices could also hold $31.40 per troy ounce levels,” Jain added.Manoj Kumar Jain outlined the following price ranges:* Gold: Support at Rs 91,770-91,360; Resistance at Rs 92,650-93,100* Silver: Support at Rs 94,800-94,200; Resistance at Rs 96,000-96,650.His recommendation is to avoid initiating new positions in precious metals during today’s trading session, considering the anticipated key global economic data releases.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
