On the MCX, gold futures rose 0.13% while silver was down 0.24% today. Here’s all you need to know.
The prices of gold and silver remain stable on the international market. (Photo: representation)
- The prices of gold and silver remain stable on the international market.
- Gold hits an intraday high of Rs 48,013.
- Silver down 0.24% is trading at Rs 71,373 per kg.
Gold stock futures maturing June 4 are at a high marginal level while silver stock futures maturing July rates have fallen on the Multi Commodity Exchange (MCX) . Gold futures rose 0.13% to an intraday high of Rs 48,013 on the MCX, while silver trading at Rs 71,373 per kg is down 0.24 %.
However, in international markets, gold prices remained stable today as investors waited for US consumer price data due to be released later this week. This data will measure the inflationary pressure in the market due to the decline in yields on Treasuries supporting the metal. The price of silver also remains constant at $ 27.30.
Expected volatility of gold and silver prices
Although gold prices are rising today, it would struggle to maintain momentum and part of the reason is inflation, an expert said. Prithvi commodities expect volatility in gold and silver prices today.
In the international market, gold has support at $ 1824-1810 per troy ounce and resistance at 1850-1866 per troy ounce, while silver has support at $ 27.20-26.70 per troy ounce. and resistance at $ 27.84-28.20 per troy ounce.
Gold and silver prices
On the MCX, the price of gold stood at Rs 47,800 Rs 47,580 and resistance at Rs 48,055 Rs 48,250 while silver was at Rs 71,100 Rs 70,400 and resistance at Rs 72,000 Rs 72,700 levels.
Gold and silver showed mixed trends in the previous Monday session. Following reports on US employment and the weak dollar, a buying trend was seen in gold stocks and prices hit a three-month high. After China imposed new margins on all base metals contracts to stop speculative buying, silver prices showed some profit trend. However, both precious metals closed on a positive note on Monday.
Click here for IndiaToday.in’s full coverage of the coronavirus pandemic.