Gold Price Today: Yellow metal up sharply on safe-haven demand; Fed meet eyed
The June gold futures were trading at Rs 60,750 per 10 grams on the MCX at 12.15 pm, up by Rs 122 or 0.20% from Tuesday’s closing price. Meanwhile, the May Silver futures were trading at Rs 76,306 per kg and were higher by Rs 58 or 0.08%.
On Comex, the gold futures were trading at $2,025.3 per troy ounce up $2 or 0.10% while the Silver futures were trading at $25.54 per troy ounce, down by $0.079 or 0.31%.
“Gold price traded firm after price rallied more than 1.30% in the previous session, with spot gold at Comex was trading up by 0.07% at $2017.80 per ounce in the morning trade. Gold price broke its previous range and surged to three weeks high on Tuesday as weak US macro data and renewed fears about the stability of American banks stoked safe-haven demand. Yellow metal got additional support from the sharp decline in US treasury yields,” Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities said.
“We expect the gold price can rally further and Comex spot gold is likely to retest the $2033 level per ounce after price clear near-term resistance. However, the outcome of today’s FOMC meeting will be important for further outlook in yellow metal,” Gandhi added.
MCX Gold June’s future having supports at Rs 60400/60170 per 10 grams and resistances at Rs 61040/61300 per 10 grams, analysts said.
Comex spot gold having support at $ 1980/$1965 per ounce and resistance at $2033/$2050 per ounce, the HDFC Securities expert said.”Spot gold is currently stable around $2016 after rallying 1.73% yesterday on renewed banking concerns. The yellow metal faces a strong resistance at $2020 followed by $2050 as the key level before it may approach its all-time level around $2075. Support is seen at $2000/$1977,” Praveen Singh, AVP – Fundamental currencies & Commodities analyst at Sharekhan, said.
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