Despite the metal’s bearish worldwide indications, the local gold rate is marginally in the green on Monday, while the domestic silver rate is down 0.24%. Gold April futures were up Rs 23 or 0.04% on the Multi Commodities Exchange, trading at Rs 59,406 per 10 kilos. At Rs 68,336 per kg on the MCX, silver May futures were trading at a loss of Rs 165. Spot gold fell 1% earlier in the session and was down 0.7% at $1,973.44 per ounce. Futures for U.S. gold increased 0.3% to $1,978.40.
“Gold and silver prices increased as investors hurried to acquire safe haven assets in the face of increasing financial turbulence, with the yellow metal reaching a six-week high on the international market on Friday. The precious metals gained support from a falling U.S. Treasury yield, a weaker U.S. dollar index, and firmer crude oil prices. Many speculators entered the long sides of the gold and silver markets as a result of the positive technical charts for these metals. Investors are anticipating a 25-basis-point interest rate boost at this week’s Federal Reserve monetary policy meeting, but they are more interested in the Fed’s prognosis for key interest rates.
“We anticipate that the price of gold and silver will be quite volatile today. Support for gold is located at $1958-1945, and resistance is found at $1988-2005. Support and resistance levels for silver are $22.10 and 21.90, respectively. Support and resistance levels for gold in Indian rupees are Rs 59,050-58,750 and Rs 59,580-59,750, respectively. The support and resistance levels for silver are Rs 67,920-67,310 and Rs 69,090-69,780, respectively, according to Rahul Kalantri, VP of Commodities at Mehta Equities.
“Gold prices this week continued to rise, with prices getting close to the $2000/ounce threshold. Given the growing unpredictability in the global markets brought on by the banking crisis, gold increased this week by almost 4%. Gold’s price has risen for a third week in a row as a result of the US banking crisis’s surge in demand for safe-haven assets. Prices kept rising as demand for non-yielding gold grew as a result of expectations for less aggressive Federal Reserve rate increases in the wake of the bankruptcy of two big US regional banks.
