Gold and silver futures climbed on Thursday, taking cues from the worldwide spot charges. On the Multi Commodity Exchange (MCX), gold futures, due for a June 3 supply, have been final seen 0.44 per cent up at Rs 51,012, in comparison with the earlier shut of Rs 50,788. Silver futures, due for a July 5 supply, have been final seen 0.43 per cent greater at Rs 61,843 towards the earlier shut of Rs 61,580.
Domestic spot gold with a purity of 24 carats opened at Rs 51,080 per 10 grams at present, and silver at Rs 61,605 per kilogram – each charges excluding GST (items and companies tax), in keeping with Mumbai-based trade physique India Bullion and Jewellers Association (IBJA).
Foreign Exchange Rates:
Globally, gold costs rose at present, getting help from barely decrease U.S. Treasury yields and a retreat within the greenback. Spot gold was up 0.3 per cent at $1,850.84 per ounce. U.S. gold futures additionally climbed 0.3 per cent to $1,855.00.
A weaker greenback and decrease U.S. 10-year Treasury yields make bullion extra engaging for patrons.
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “As per the technical chart, gold and silver are making bottom. We can see a good upside movement in the coming future. Momentum indicator RSI also cited the same in hourly as well as the daily chart. So traders are advised to create fresh buy positions near given support levels. They should focus important technical levels given for the day: August Gold closing price Rs 50,865, Support 1 – Rs 50,700, Support 2 – Rs 50,550, Resistance 1 – Rs 51,000, Resistance 2 – Rs 51,200. July Silver closing price Rs 61,580, Support 1 – Rs 61,200, Support 2 – Rs 60,800, Resistance 1 – Rs 61,900, Resistance 2 – Rs 62,300.”
Ravi Singh, Vice-President and Head of Research, ShareIndia: “Gold may remain sideways to down this week.”
He urged, “Buy Zone above – Rs 51,000 for the target of Rs 51,300. Sell Zone below – Rs 50,700 for the target of Rs 50,500.”