(From Trade Representative)
MUMBAI: Gold futures and futures were indicative of a mixed trend at the opening of the session in London today, as efforts by regulators globally to bail out the banking sector and a softening trend in the dollar index. However, prices remained bullish today in the domestic jewelery market, supported by sporadic demand from lower heads in both the precious metals, with gold prices up by Rs.10 per gram. There was an improvement from 72 to 73.
However, as the rupee improved by 15 paisa against the dollar today, the improvement was limited due to a reduction in domestic gold import demand. Also, today the price of silver per kg is Rs. 131 had increased.
According to market instruments today, domestic demand opened at prevailing retail levels mainly on a lower head in gold. Also, at the end of the opening session, the price of 99.5 touch standard gold rose to Rs. 72 increased to Rs. 58,729 and 99.9 touch standard gold at Rs. 73 increased to Rs. 58,965 remained at the head. Similarly, to support the demand of scattered industrial users and jewelery manufacturers in silver, the price per kg rose to Rs. 131 with amendment of Rs. 69,500 remained at the head.
Gold prices settled around $1,956.50 an ounce as the dollar index weakened today despite sporadic profit-taking pressure from investors at the start of the session on the London Metal Exchange today, with indications that regulators are making efforts to address the global banking crisis. Futures were quoting around $1958.30, up 0.2 percent from yesterday’s close. Also, today silver prices were quoted around 23.02 dollars per ounce, down 0.3 percent from yesterday’s close.
Analysts are expressing the possibility that the American Federal Reserve will increase the interest rate in the next May policy meeting and the increase in the yield of the American Treasury will decrease the global gold price to 1933 dollars per ounce in the next short period. However, taking into account the possibility of a long-term global economic slowdown and taking into account the possibility that investors’ demand for safety in gold will remain for the next few periods, global gold prices are likely to break the resistance level of $2071 per ounce to $2148 by the second half of 2023, Reuters technical analyst Wang Tao said. did
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