Gold prices opened on the Multi Commodity Exchange (MCX) on Friday at Rs 62,965 per 10 grams and hit an intraday low of Rs 62,880. In the international market, prices hovered around $2,056.37 per troy ounce.
Meanwhile, silver opened at Rs 72,158 per kg and hit an intraday low of Rs 72,115 on the MCX. The price hovered around $23.19 per troy ounce in the international market.
Anuj Gupta, Chief of Commodity and Currency at HDFC Securities, said, “Yesterday, gold prices closed on a positive note, up 0.32%, at Rs 62,935 levels. Silver closed flat, down 0.08%, at Rs 72,190 levels. This was because of geopolitical tensions, higher crude oil prices and weakness in the dollar after FOMC stated that they would not cut interest rates soon.”
Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold rose to the highest level in a month following weakness in the dollar against its major crosses after data showed US weekly jobless claims rose last week, while market focus shifted to the US non-farm payrolls data for more cues on the Federal Reserve’s policy path.”
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Earlier in the week, the US Fed held rates unchanged and knocked down the idea that the US central bank could cut rates in the spring, but dropped a long-standing reference to possible further hikes. In today’s Asian session gold has backed down from its intraday highs on reports an Israel-Hamas ceasefire may be close at hand, but no confirmation has come in from either side.
Amit Khare, Associate Vice President at GCL Broking, said, “MCX gold and silver gave mixed closing yesterday. April gold closed at 62965(0.37%), and March silver closed negatively at 72218(-0.15%). As per the daily chart, Bullions are trading near an important support zone;
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Momentum Indicator RSI also indicates the same; trades should also focus on today’s union budget; below are the important levels for the day: Gold April Support 62700/62400 and Resistance 63000/63200. Silver March Support 71700/71000 and Resistance 72500/73000.”
