Gold rate today: Gold prices hit two-week high, but will the levels sustain?
Gold rate today: Gold June futures at MCX initiated trading steady with an upward inclination at Rs 95,600/10 grams, reaching their highest point in two weeks, despite experiencing some profit-taking influenced by global bond market fluctuations and rising Bitcoin values.The prices showed a modest increase of 0.07% or Rs 64.Silver July futures displayed comparable movement, beginning trading marginally higher by Rs 255 or 0.26% at Rs 98,051/kg.Safe-haven demand for precious metals may persist due to weakness in global equities and ongoing geopolitical tensions, Manoj Kumar Jain of Prithvifinmart Commodity Research said according to an ET report.“We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index, volatility in the global bond markets and middle-east tensions; gold prices could hold its support level of $3,240 per troy ounce and silver prices could also hold $32.40 per troy ounce levels on a closing basis,” he added.The previous day saw both precious metals close lower in domestic and international markets. Gold June futures settled at Rs 95,536 per 10 grams, declining by 0.07%, whilst silver July futures concluded at Rs 97,796 per kilogram, dropping by 0.46%.Both metals exhibited significant price fluctuations, initially gaining but subsequently relinquishing their advances due to profit-taking at elevated levels on Thursday. The volatility in global bond markets and substantial Bitcoin gains prompted investors to secure profits in precious metals.The U.S. 20-year bond auction on Wednesday received a tepid response from investors, subsequently pushing U.S. 30-year bond yields above 5.0% for the first time since October 2023. Japanese 30-year bond yields also reached unprecedented levels of 3.18% on Thursday, contributing to heightened uncertainty in global financial markets.The US Dollar Index, DXY, experienced a decline of 0.32 or 0.32%, positioning near 99.65.Manoj Kumar Jain outlined the following price ranges for MCX:* Gold’s support levels are at Rs 95,050-94600, with resistance at Rs 96,000-96,650* Silver’s support levels are at Rs 97,000-96,300, with resistance at Rs 98,500-99,300Given the heightened volatility in global financial markets, Jain recommends purchasing during price dips for both gold and silver.The day’s trading parameters are set between Rs 94,600-96,650 for gold and Rs 96,300-99,300 for silver.(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)
