Gold and silver rates fell in Indian markets on Friday, amid weak worldwide cues. Gold June futures had been ruling at Rs 46,759 per 10 gram, down Rs 79 or .17 per cent as against the preceding close of Rs 46,838. Silver May futures had been also trading weak at Rs 67,235 per kg, down Rs 266 or .39 per cent, as compared to a preceding close of Rs 67,501 on the Multi Commodity Exchange. MCX gold and silver has been witnessing volatility due to the fact they hit their respective record highs in August 2020. MCX gold had hit an all-time higher Rs 56,191 per 10 gram. While MCX silver had hit a recod higher of Rs 77,949 per kg on August 7, 2020. From a record higher level, gold rates have plunged Rs 9,432 per 10 gram or 16.78 per cent. MCX silver has tumbled 14 per cent or Rs 10,714 per kg.
Globally, gold held close to a more than one-month peak touched in the preceding session. Spot gold was steady at $1,755.91 per ounce, obtaining hit a higher due to the fact March 1 at $1,758.45 an ounce on Thursday. While, US gold futures fell .1% on Friday to $1,756.20 per ounce, according to Reuters. Comex Gold held above the $1,755 an ounce level, the highest in 5 weeks, amid a weaker dollar in tandem with US Treasury yields, which retreated from more than one-year highs, mentioned Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers. “Correction may take place in the intraday buy overall sentiment is still bullish in the yellow metal,” he mentioned.
Sriram Iyer, Senior Research Analyst at Reliance Securities
Technically, MCX Gold June has provided a breakout above Rs 46,700 levels at close on Thursday, indicating the positive trend to continue up to Rs 47,one hundred-47,400 per 10 gram. While MCX Silver May has closed above Rs 67,000 per kg on Thursday and could see an upside momentum up to Rs 67,900-69,000 per kg.
Rajesh Palviya, Head – Technical & Derivatives Research, Axis Securities Ltd
The March nonfarm payrolls had been surprisingly sturdy final month. If the existing favorable trend in the U.S. labor marketplace continues, gold might struggle. However, this week US job-connected information had been adverse which resulted in fall in US Dollar Index and a decline in US bond yield implying rise in gold cost. In MCX Gold, the sharp rise in rates had been mostly due to falling in Indian rupee, it fell more than 2 per cent in 2 days right after RBI showed issues about the economy and spread of corona virus in the nation. Technically speaking, the trend in MCX gold June might continue as rates are noticed forming a channel and it is taking assistance at decrease boundary line at 44,000 levels, we count on rates to rise towards 48,500 levels in the coming days.
(The views in this story are expressed by the respective professionals of study and brokerage firm. TheSpuzz Online does not bear any duty for their guidance. Please seek the advice of your investment advisor just before investing.)