Gold costs have been buying and selling over half a per cent down in India on Thursday, mirroring international developments, the place yellow metallic hovered close to a two-month low. On Multi Commodity Exchange, gold June futures fell 0.6 per cent or Rs 318 to Rs 50,881 per 10 gram, in opposition to the earlier shut of Rs 51,199. Silver July futures tanked 1.4 per cent or Rs 910 to Rs 64,380 per kg. Globally, yellow metallic costs weakened in direction of a two-month trough hit within the earlier session, because the U.S. greenback steadied close to five-year highs, hurting demand for greenback-priced bullion, in keeping with Reuters. Spot gold was down 0.1% at $1,885.20 per ounce. U.S. gold futures have been additionally down 0.1% at $1,886.40.
Jigar Trivedi, Manager — Non-Agro Fundamental Research, Anand Rathi Shares & Stock Brokers
Gold and silver have been falling sharply today owing to a powerful greenback. Price motion has been important in current days. A run of declines signifies that gold has given up the entire beneficial properties it noticed courtesy of the Russian invasion of Ukraine. The US will launch Q1 GDP and weekly jobless claims within the second session. Silver has seen a pointy sell-off within the treasured metallic market, so we don’t deny a risk of a rebound nevertheless, the undertone is bearish therefore we suggest to promote on each bounce. MCX Gold June futures might weaken to Rs. 50,900 per 10 gram.
Tapan Patel, Senior analyst — Commodities, HDFC Securities
Gold costs traded weak on Thursday with COMEX Spot gold costs have been buying and selling close to $1881 per ounce within the morning commerce. MCX Gold June contract opened decrease close to Rs. 51040 per 10 gram following weak international cues. Gold costs fell under $1890 help ranges because the greenback rallied to pre pandemic ranges to the very best since March 2020 ranges. The merchants and traders are weighing on a bigger charge hike within the subsequent US FOMC assembly. The increased inflation, geopolitical danger and mass COVID testing in China might restrict some draw back in gold. We count on gold costs to commerce sideways to down for the day with COMEX Spot gold help at $1870 and resistance at $1900 per ounce. MCX Gold June help lies at Rs. 50800 and resistance at Rs. 51300 per 10 gram.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold slipped to a greater than two-month trough because the greenback rallied on expectations of aggressive financial coverage tightening by the U.S. Federal Reserve. The greenback index charged to its highest degree since January 2017 touching the degrees of round 103, fuelled by expectations that the U.S. central financial institution might be extra hawkish than friends and safe-haven flows fanned by considerations over slowing development in China and Europe. Market contributors are discounting a couple of 50bps charge hike this 12 months, to calm the inflationary expectations. A cautious strategy is suggested forward of the essential Fed coverage assertion scheduled subsequent week; whereby feedback from Fed Governor, inflation and development forecast might be essential to look at for. Market contributors as we speak will keep watch over the essential U.S. GDP information; which if reported higher than expectations may additional put strain on the gold and silver costs. Broader pattern on COMEX could possibly be within the vary of $1855-1905 and on home entrance costs may hover within the vary of Rs 50,500-51,300
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