𝗚𝗼𝗹𝗱 𝗣𝗿𝗶𝗰𝗲𝘀 𝗛𝗼𝗹𝗱 𝗜𝗻 𝗧𝗶𝗴𝗵𝘁 𝗥𝗮𝗻𝗴𝗲 𝗢𝗻 𝗠𝗶𝘅𝗲𝗱 𝗦𝗶𝗴𝗻𝗮𝗹𝘀
Spot gold trades between $4,450 and $4,580 per ounce. The metal recovered nearly $150 from lows near $4,366 last week. Hopes for a US-Iran deal and a softer US Dollar Index supported the bounce. The rebound stayed weak.
Elevated crude oil prices, sticky inflation, and firm US Treasury yields limit buying interest. Markets now expect fewer near-term Federal Reserve rate cuts.
In India, domestic gold prices stayed strong. The rupee weakened and the government raised gold import duties from 6% to 15% in May. The effective tax burden hit 18.45%. Gold demand in India fell by nearly 70% to 7.5 tonnes in the two weeks after the hike. Demand was 25 tonnes during the same period last year.
Traders will watch US-Iran talks, oil prices, and US economic data this week. Friday's US Non-Farm Payrolls report is the main focus. Strong job growth and rising wages would push Treasury yields and the US dollar higher. This would add pressure on gold. Before Friday, markets will watch US manufacturing and services data.
Gold faces three straight months of declines. Elevated bond yields, ETF outflows, and expectations for higher Federal Reserve rates hurt prices. Global political risks and central bank buying prevent deeper price drops.
- Spot Gold: $4,460 per ounce. Support at $4,380 and $4,300. Resistance at $4,570 and $4,640.
- MCX Gold: ₹1,59,054. Support at ₹1,56,000 and ₹153,100. Resistance at ₹1,62,700 and ₹1,65,200.
- Spot Silver: $74.50 per ounce. Support at $71.80 and $69.30. Resistance at $78.50 and $82.50.
- MCX Silver: ₹2,65,100. Support at ₹2,55,600 and ₹2,46,700. Resistance at ₹2,79,500 and ₹2,93,700.
Silver prices face weakness in the near term. Long-term demand from solar, electronics, and electric vehicles stays positive.
Source: The Times of India