Gold rate today edged higher in early morning deals amid market buzz of US Fed interest rate-pause. Gold price today on MCX opened at ₹59,934 per 10 gm levels and went on to hit intraday high of ₹59,943 per 10 gm levels. In international market, gold rate today is oscillating around $1,963 per ounce levels.
Likewise, silver rate today opened higher on MCX at ₹73,860 per kg levels. In international market, the white metal price is oscillating around $24.20 per ounce levels, which is almost close to its Thursday close price.
On reason for rise in gold and silver prices during early morning deals, Anuj Gupta, Vice President — research at IIFL Securities said, “Gold and silver rates edged higher in early morning session as market is speculating rate-pause from the US Fed meeting scheduled next week. Some credit would go to the rumored US Iran nuclear deal news as well even though the US has made it clear that the news has no base at all."
On reason for gold and silver prices not able to breach its current hurdles, Navneet Damani, Senior VP – Commodity Research at Motilal Oswal said, “Resurgence in the dollar and Treasury yields amidst the debt ceiling concerns and interest rate hike debate has capped some losses for metal on higher end. The US economy is strong amid robust consumer spending but some areas are slowing down, US Treasury Secretary Janet Yellen said, adding that she expects continued progress in bringing inflation down over the next two years."
US Fed meeting in focus
“According to the interest probability chart, the Fed will not raise interest rates for the first time in more than a year at its June 13-14 meeting. The U.S. consumer inflation report for May, due on June 13, ahead of the Fed meeting, will provide investors with more clarity about the health of the world’s largest economy," Motilal Oswal expert said.
On triggers that may dictate gold rates today, Navneet Damani said, “Focus today will be on weekly jobless claims data from the US."
Important levels to watch
On major pivots in regard to gold and silver prices, Anuj Gupta of IIFL Securities said, “In international market, gold rate today has support placed at $1,935 per ounce levels whereas it is facing hurdle at $1,980 levels. On MCX, gold price has support placed at ₹59,500 whereas it is facing hurdle at ₹60,300 and ₹61,200 per 10 gm levels."
Anuj Gupta of IIFL Securities maintained that if silver rate today sustains above $24 levels then it may go up to $25 and $26 per ounce levels in near term. On MCX, silver price has support placed at ₹71,500 levels and on the upper side, it is facing hurdle at ₹75,000 per kg levels.
This article taken by livemint.com
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