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Gold price today: The yellow metal extends its gains into the fourth session. Is the tide turning now? – investxyon
Friday, April 19, 2024
Home Commodities Gold price today: The yellow metal extends its gains into the fourth session. Is the tide turning now?

Gold price today: The yellow metal extends its gains into the fourth session. Is the tide turning now?

by xyonent
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Gold traded in a tight range on Wednesday ahead of the release of the Federal Reserve’s FOMC minutes later today. The yellow metal’s recent gains have been on the rise for four consecutive sessions, but the dollar index (DXY) has weakened by 0.70% over the past five sessions.

The bias for gold was positive at the start of today’s trade, with MCX April gold futures trading at Rs 62,210 per 10 grams, up by Rs 43 or 0.07%, and March silver contract trading at Rs 71,421 per kg. , which was 166 rupees (0.23 rupees) higher. %.Track prices here

At this time, information from the international market was mixed. On Comex, gold futures were trading down $0.90, or 0.04%, at $2,038.90 per troy ounce, while silver futures were trading up $0.004, or 0.020%, at $23.140.

The dollar index (DXY) has fallen below the 104 milestone and is currently trading at 103.99, down 0.09 points (0.08%).

On Tuesday, MCX gold futures April contract fell by Rs 32 or 0.05% to end at Rs 62,135, while silver futures March contract fell by Rs 11 or 0.02% to settle at Rs 71,244.

โ€œGold and silver rose in calm trading ahead of the release of the FOMC Monetary Policy Meeting Minutes, coupled with China’s announcement of a five-year prime loan interest rate cut aimed at supporting the economy. Rahul Kalantri, vice president of commodities at Mehta Equities, said the US 10-year Treasury yields ahead of the FOMC meeting further supported the upward trajectory for gold and silver prices. Stated. Gold has support between $2,008 and $1,996 and resistance between $2,036 and $2,048. Kalantri said support for silver lies within the range of $22.88 to $21.71, and resistance lies between $23.22 and $23.40. Gold’s year-to-date (YTD) loss is Rs 1,036 per 10 grams or 1.64% and month-to-date (MTD) decline is Rs 568 or 0.91%, he said, head of commodities and currencies at HDFC Securities. Anuj Gupta said. Regarding silver, the YTD decline is Rs 3,175 per kg or 4.27% and the MTD decline is Rs 992 or 1.37, he added.

Mr. Gupta expects gold to trade between Rs 61,800 and Rs 62,400, while silver will trade between Rs 71,500 and Rs 73,000.

Gold price in major bullion spot markets like Delhi, Ahmedabad and other cities is Rs 63,500 per 10 grams, while silver price is Rs 73,000 per kg.Click for details

Intraday Trading Strategy by Neha Qureshi

โ€“ Buy MCX April Gold Futures at Rs 62,200 with stop loss at Rs 61,900 and target price at Rs 62,700.

โ€“ Buy MCX March Silver Futures at Rs 71,400 with stop loss at Rs 70,400 and target price at Rs 73,400.

(Disclaimer: Recommendations, suggestions, views and opinions by experts are their own. They do not represent the views of Economic Times)

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