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Gold Prices Rise But Still Down Rs 9,000 From Record High

During October 2022, the gross exports stood at Rs 25,843.84 crore, according to the data.

Gold and silver prices edged higher today in Indian markets after a sharp fall last week. On MCX, gold rates were up 0.6 per cent to Rs 47004 per 10 gram while silver rose 0.6 per cent to Rs 68,789 per kg. The yellow metal is expected to stay positive intraday, says Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers on Gold. He recommends buy MCX June gold at around Rs 46,900 for target of Rs 47200 and stop-loss of Rs 46,800.

“MCX Gold finished April month with 4 per cent positive returns but still its down by approximately 6 per cent year to date. The dollar index fell nearly 2 per cent in the last month. Still Comex gold is struggling to cross $1,800 on a higher side. US consumer spending rebounded in March amid a surge in income as households received additional COVID-19 pandemic relief money from the government. Last week, the US Federal Reserve reiterated its ultra-accommodative monetary policy while also acknowledging an improving economic outlook and a rise in inflation. Holding at the SPDR Gold ETF fell from 1,037 tonnes as on 30th March to 1,017 tonnes as on 30th April,” he said.

Gold prices in India after hitting a record high of Rs 56,200 in August last year has seen a sharp fall from those levels. In international markets, gold rates were today flat, pressured by a stronger dollar. Spot gold was trading at $1,770.66 per ounce while silver was steady at silver $25.90 per ounce. A stronger dollar index makes gold more expensive for other currency holders.

Gold traders will be watching comments from Fed chief Jerome Power who later in the day is scheduled to speak at an event hosted by the National Community Reinvestment Coalition while Bank of England’s rate decision is due on Thursday. The US April employment report is scheduled on Friday. Meanwhile, Treasury US Secretary Janet Yellen on the weekend tamped down concerns, saying that the demand boost from President Joe Biden’s economic plan would be spread over a decade.

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