Today's gold price: A weak US dollar and positive global cues caused gold prices to rise in the domestic futures market. Due to a 0.10% decline in the dollar index, gold became more accessible to purchasers abroad.
Today's gold price: Due to a weak US dollar and encouraging global indicators, gold prices increased in the domestic futures market Thursday morning. As the dollar index fell by almost 0.10 percent, bullion sentiment improved. Because gold is valued in US dollars worldwide, holders of other currencies can purchase the yellow metal at a lower cost when the value of the dollar declines.At ₹76,601 per 10 grams, MCX Gold for the February 5 expiry traded 0.43 percent higher.
Due to the US dollar's decline, gold prices increased on global markets.Investors are keeping a tight eye on Donald Trump's trade tariff policies, geopolitical developments, and the trajectory of the US Federal Reserve's interest rate cut. The movement of gold next year will be determined by these important elements.
Due to geopolitical uncertainties, domestic gold prices increased by roughly 0.2% during the previous session. Furthermore, the demand for the precious metal as a safe haven is being bolstered by weakening in the global equities markets.
"Hamas and Israel exchanged blame on Wednesday for failing to finalize a ceasefire agreement despite reporting progress in recent days," according to a Reuters report.
Experts point out important gold and silver levels.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold and silver are currently trading close to their make-or-break levels of $2,588 per troy and $29.88 per troy ounce. If these levels are maintained on a weekly closing basis, both precious metals may see a rapid comeback.
Jain added that domestic gold and silver prices are being supported by the rupee's weakening. According to him, the rupee would likely continue to support the price of precious metals and stay weak in the foreseeable future.
Due to geopolitical concerns and the dollar index's volatility, Jain anticipates that the price of gold and silver will continue to fluctuate this week.For the aim of 76,700, he advises purchasing gold at 76,100 with a stop loss of 76,800, and for the target of 90,200, he advises purchasing silver at 88,800 with a stop loss of 88,150.
"Gold has support at $2,618-2,604, while resistance at $2,648-2,664 per troy ounce and silver has support at $29.88-29.55, while resistance is at $30.55-30.84 per troy ounce in today’s session," Jain stated.
"On the MCX, gold has support at ₹76,040-75,770 and resistance at ₹76,500-76,800, while silver has support at ₹88,650-88,000 and resistance at ₹90,200-90,850," Jian stated.
Gold has resistance between $2,644 and $2,660 and support between $2,610 and $2,591, according to Rahul Kalantri, vice president of commodities at Mehta Equities. Support for silver is between $29.35 and $29.20, while resistance is between $29.85 and $30.10.
According to Kalantri, gold has resistance at ₹76,470–76,650 and support at ₹75,980–75,740 in INR. Resistance for silver is between 89,930 and 90,500, while support is between 88,450 and 87,880.
0 Comments