Gold rate today: Gold June futures on MCX experienced a significant decline of Rs 2,224 or 2.3%, trading at Rs 94,294 per 10 grams, as tensions between India and Pakistan showed signs of easing. International market sentiment influenced domestic gold prices, which saw a dip due to growing optimism regarding a possible settlement in the US-China trade dispute.Concurrently, silver July futures contracts registered a decrease of Rs 621 or 0.64%, opening at Rs 96,108 per kg.On Friday, both precious metals closed positively in domestic and international markets. Gold June futures finished at Rs 96,518 per 10 grams, gaining 0.36%, whilst silver July futures ended at Rs 96,729 per kilogram, up by 0.22%.Significant price fluctuations were observed in both metals last week, influenced by the Indo-Pak conflict and the Bank of England’s monetary policy decisions. Operation Sindoor by the Indian Army heightened tensions between the neighbouring countries, leading to increased safe-haven investments in precious metals.“Gold and silver also gained after the Bank of England cuts interest rates by 25 basis points,” Manoj Kumar Jain of Prithvifinmart Commodity Research told ET.International economic concerns and investment requirements continue to bolster precious metal valuations. Nevertheless, the dollar index remains firm above 100, whilst the Federal Reserve’s decision to maintain current interest rates and positive developments in US-China trade discussions are constraining precious metal gains.The US Dollar Index (DXY) was observed trading near 100.57, showing an increase of 0.23 or 0.23%.According to Jain’s analysis, precious metal prices are likely to experience fluctuations this week due to dollar index movements and geopolitical uncertainties. He anticipates gold maintaining support at $3,180 per troy ounce, whilst silver should sustain $31.40 per troy ounce.Manoj Kumar Jain has outlined the following price ranges for MCX:* Gold: Support at Rs 96,100-95,550; Resistance at Rs 97,000-97,450* Silver: Support at Rs 96,000-95,350; Resistance at Rs 97,400-98,200.His recommendation includes purchasing silver when it dips to approximately Rs 95,850, setting a stop loss at Rs 95,100, with a target price of Rs 97,400.(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)
