Gold Price Today: Yellow metal sells high track traces; experts see prices as high as Rs 48,365

The Gold price in the futures market increases the profitability of the second consecutive session on May 17 to track the global situation by reducing yield yields and weaknesses in the US dollar.

The June futures of yellow metal rose by Rs 301 or 0.63 percent to Rs 47,977 per 10 grams per MCX, in 10:20 hours IST. It affected the intraday high of Rs 48,013 and low of Rs 47,942 after opening at Rs 47,989.
The futures of the Silver MCX for July also sold more on the second straight day, rising by Rs 840 or 1.18 percent to Rs 71,925 per kg. The stock has hit the high daily by Rs 72,037 and Rs 71,855 low after starting trading on Monday at Rs 71,900.
In international markets, the future of June gold gained 0.83 percent at $ 1,853.30 per tray ounce and silver July futures increased by 1.48% to $ 27.77 per troy ounce.

“Gold trade is high in support of growing tensions between Israel and Palestine, disappointing US economic data and concerns about rising Asian HIV cases and low ETF inflows. However, inflation concerns Indian consumer demand and improved HIV status in -US and Europe, “said Ravindra Rao, VP – Head Commodity Research at Kotak Securities.
According to him, gold could remain hopeless as market players assess the risks of inflation, however, mixed economic data and the Fed’s position may continue to support it. ”

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In the past, gold and silver prices remained relatively stable in global markets. Gold June futures contract settled at $ 1,843.85 per troy ounce, up 1.09% and July futures contract settled at $ 27.51 per troy ounce, up 1.67 percent basic.

The price of precious metals was also on the rise in domestic markets on Friday. Gold June’s futures contract was settled at Rs 47,676 per 10 grams with a profit of 0.50 per cent, while the future silver contract was paid at Rs 71,085 per kilogram earned 0.87 per cent.
Today, US ten-year bond yield traded at 1.62, falling 0.92 percent while the June Dollar index futures traded at 90.38.

In the past, the dollar index sank and reverberated at the 10-year-old inflation target was removed after a weakening than expected US data. U.S. sales were unchanged last month, following an updated March increase of 10.7 percent; data lost much of its expectations as economists predicted an increase of 1.0 percent.

Meanwhile, US Federal Reserve officials also said last week there would be no immediate action to tighten monetary policy on the world’s largest economy and lending support.
“Gold held $ 1,800 per troy ounce last week and fears of inflation and disappointing data could continue to support precious commodity prices this week. Gold has a support of $ 1,828-1,810, and resistance to $ 1,854-1,866 per troy ounce per. Silver is supported at $ 27.20 -26.84, while resistance is $ 27.88-28.20 per troy ounce, “Manoj Kumar Jain of Prithvifinmart Commodity Research.

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Sriram Iyer, Chief Researcher at Reliance Securities said the key value of MCX Gold June is Rs 48,365 per 10 grams and the break above will push gold to Rs 48,600. Support is Rs 47,465 and Rs 47,220, but a break below both levels will reduce prices to Rs 46,930.

“MCX Silver July plays a significant role of Rs 71,860 per kg and the above break will push for Rs 72,690. Supporters of Rs 70,950 and Rs 70,550, but a break below both levels will draw prices up to Rs 69,915, “he added.

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