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Time of India
11 hours ago
- Business
- Time of India
Gold price prediction: Meltdown as prices fall by Rs 600/10 gram amid profit booking. Can bulls stage a comeback?
Gold prices fell on Friday as investors took refuge in the greenback amid growing tensions between Israel and Iran. Moreover, a status quo on the US interest rate has helped the dollar index (DXY) strengthen, reducing some appeal in the yellow metal. The domestic gold prices fell sharply taking cues from the international prices. Gold rate today On the MCX, the August Gold futures were trading at Rs 98,664, down by Rs 665 or 0.67% from the Thursday closing price. Meanwhile, gold contracts on the COMEX were hovering around $3,367.20 per troy ounce, plunging by $40.90 or 1.20%. The movement in gold rates are inversely related to the dollar movement. When the Federal Reserve cuts interest rates, the returns on dollar-denominated assets like the US treasury bonds or savings accounts become less attractive and hence global investors may move their money to countries with higher interest rates, reducing demand for USD. Commenting on the action, Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services said that the breather this week was on profit-booking, after the U.S. Fed's hawkish comments on interest rates and easing geo-political risk premium. The Street awaits U.S. President Donald Trump's decision if the US will enter the Iran-Israel war in two weeks. "On charts prices may find some resistance around Rs 99,300-99,650, while on the downside support is seen at Rs 98,000-97,650," Mer said. The price of physical gold in Delhi-NCR market is still above the Rs 1 lakh mark. This includes a 3% GST levy. Renisha Chainani, Head - Research at Augmont also sees profit-booking in gold after record highs of Rs 1,01,078 per 10 gram on the MCX. "Precious metals have reversed as support from growing geopolitical tensions in the Middle East is offset by a stronger dollar overall and the possibility of fewer interest rate reductions from the US," Chainani said. Technical triggers "Gold prices are consolidating around record-high levels in the range of Rs 99,000($3,360) and Rs 101,000 ($3,475). Despite the Fed's hawkish tone, ongoing geopolitical tensions between Iran and Israel continue to offer downside protection for gold, Jateen Trivedi, Vice President Research Analyst - Commodity and Currency, LKP Securities opines. "The broader trend remains range-bound to positive, with a key support level seen at $3,290, and strong resistance near $3,500 on Comex. Unless there is a clear resolution on geopolitical fronts or a shift in Fed commentary, gold is likely to stay buoyant within this broad band," he added. Silver price today The July silver futures plunged by Rs 1,395 or 1.3% and were trading around Rs 1,05,998. On the COMEX, silver contracts fell by $1.128 or 3.06% per troy ounce to trade around $35.78. Silver prices have retraced from its high, next support is Rs 105,300($35.50), said Chainani, adding that prices should sustain this support for the bull trend to continue. If this support is broken, the next downside level is Rs 104,000 ($34.50), he added. Also Read: Commodity Radar: MCX crude oil futures cross 200-DMA amid Israel-Iran tension. Can it breach this crucial resistance zone? ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Economic Times
11 hours ago
- Business
- Economic Times
Gold price prediction: Meltdown as prices fall by Rs 600/10 gram amid profit booking. Can bulls stage a comeback?
Gold prices fell on Friday as the dollar strengthened amid US Fed's hawkish stance and cooling geopolitical tensions between Israel and Iran. Profit-booking also weighed on sentiment, with gold dropping on both MCX and COMEX. Tired of too many ads? Remove Ads Gold rate today Tired of too many ads? Remove Ads Technical triggers Silver price today Tired of too many ads? Remove Ads Gold prices fell on Friday as investors took refuge in the greenback amid growing tensions between Israel and Iran. Moreover, a status quo on the US interest rate has helped the dollar index (DXY) strengthen, reducing some appeal in the yellow metal. The domestic gold prices fell sharply taking cues from the international the MCX, the August Gold futures were trading at Rs 98,664, down by Rs 665 or 0.67% from the Thursday closing price. Meanwhile, gold contracts on the COMEX were hovering around $3,367.20 per troy ounce, plunging by $40.90 or 1.20%.The movement in gold rates are inversely related to the dollar movement. When the Federal Reserve cuts interest rates, the returns on dollar-denominated assets like the US treasury bonds or savings accounts become less attractive and hence global investors may move their money to countries with higher interest rates, reducing demand for on the action, Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services said that the breather this week was on profit-booking, after the U.S. Fed's hawkish comments on interest rates and easing geo-political risk Street awaits U.S. President Donald Trump's decision if the US will enter the Iran-Israel war in two weeks."On charts prices may find some resistance around Rs 99,300-99,650, while on the downside support is seen at Rs 98,000-97,650," Mer price of physical gold in Delhi-NCR market is still above the Rs 1 lakh mark. This includes a 3% GST Chainani, Head - Research at Augmont also sees profit-booking in gold after record highs of Rs 1,01,078 per 10 gram on the MCX."Precious metals have reversed as support from growing geopolitical tensions in the Middle East is offset by a stronger dollar overall and the possibility of fewer interest rate reductions from the US," Chainani said."Gold prices are consolidating around record-high levels in the range of Rs 99,000($3,360) and Rs 101,000 ($3,475).Despite the Fed's hawkish tone, ongoing geopolitical tensions between Iran and Israel continue to offer downside protection for gold, Jateen Trivedi, Vice President Research Analyst - Commodity and Currency, LKP Securities opines. "The broader trend remains range-bound to positive, with a key support level seen at $3,290, and strong resistance near $3,500 on Comex. Unless there is a clear resolution on geopolitical fronts or a shift in Fed commentary, gold is likely to stay buoyant within this broad band," he July silver futures plunged by Rs 1,395 or 1.3% and were trading around Rs 1,05,998. On the COMEX, silver contracts fell by $1.128 or 3.06% per troy ounce to trade around $ prices have retraced from its high, next support is Rs 105,300($35.50), said Chainani, adding that prices should sustain this support for the bull trend to continue. If this support is broken, the next downside level is Rs 104,000 ($34.50), he added.
The Print
03-06-2025
- Business
- The Print
Gold marginally higher; silver rises Rs 100/ kg
Silver prices went up by Rs 100 to Rs 1,00,200 per kg (inclusive of all taxes) on Tuesday. The precious metal of 99.5 per cent purity climbed Rs 200 to Rs 98,600 per 10 grams (inclusive of all taxes). New Delhi, Jun 3 (PTI) Gold prices gained Rs 70 to Rs 99,000 per 10 grams in the national capital on Tuesday, supported by rupee depreciation, according to the All India Sarafa Association. The rupee declined 21 paise to settle at 85.60 (provisional) against the US dollar on Tuesday, weighed down by a firm American currency and outflow of foreign funds. Meanwhile, spot gold in the global markets fell by USD 25.22 per ounce or 0.75 per cent to USD 3,356.41 per ounce. 'Gold prices are trading lower on profit-booking but underlying bias remains positive amid a rise in the safe-haven demand due to broad weakness in the US dollar, and escalation in the Russia-Ukraine war, rising economic uncertainty due to US-led tariff war,' Pranav Mer, Vice President, EBG of Commodity & Currency Research at JM Financial Services, said. HDFC Securities' Senior Analyst of Commodities Saumil Gandhi said traders are now anticipating the release of US macroeconomic data, such as JOLTS Job Openings data, along with speeches from key Federal Open Market Committee (FOMC) members, will influence the bullion prices. PTI HG HG SHW This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hans India
19-05-2025
- Business
- Hans India
Sensex, Nifty end lower over profit booking
Mumbai: The Indian stock market began the week on a weak note as benchmark indices ended lower on Monday, mainly due to profit booking at higher levels. The Sensex fell by 271.17 points, or 0.33 per cent, to close at 82,059.42. The Nifty also ended in negative territory, falling by 74.35 points or 0.30 per cent to settle at 24,944.85. 'Technically, the index appears to be in a consolidation phase, which may continue for the next few days. The index may remain under pressure unless it reclaims the 25,000 level,' Rupak De of LKP Securities said. 'On the downside, the Nifty could drift toward the 24,800–24,750 zone. A deeper correction may be likely if it breaks below 24,750. Conversely, a move above 25,000 could trigger a rally toward the 25,250–25,350 range," he added. Several major stocks saw declines on the 30-share index, including Infosys, which slipped 1.95 per cent, and Tata Consultancy Services (TCS), which was down by 1.20 per cent. Tech Mahindra dropped 1.19 per cent and Asian Paints lost nearly 1 per cent. Eternal (formerly Zomato) also declined around 3 per cent during the intra-day session. Power Grid Corporation led the gainers with a rise of 1.27 per cent, followed by Bajaj Finance, which gained 0.91 per cent. NTPC added 0.64 per cent, State Bank of India (SBI) rose 0.32 per cent, and HDFC Bank ended slightly higher with a 0.17 per cent gain. While the large-cap stocks saw selling pressure, the broader markets held their ground. The Nifty Smallcap100 index climbed 0.51 per cent, and the Nifty Midcap100 index managed a small gain of 0.07 per cent. This indicates that despite weakness in frontline stocks, investors showed some interest in select small and mid-sized companies. The Nifty Realty and PSU Bank indices were the top performers among sectoral indices, gaining 2.25 per cent and 1.50 per cent, respectively. Other sectors that ended in the green included Bank Nifty, Auto, Financial Services, Metal, Pharma, and Healthcare, indicating buying interest in select segments. However, IT, FMCG, Media, Consumer Durables, and Oil and Gas ended in the red, with the Nifty IT index emerging as the worst performer, falling by 1.37 per cent. The market volatility saw an uptick. The India VIX, often referred to as the fear gauge, jumped 4.89 per cent to close at 17.36. Meanwhile, gold prices started the week on a positive note as safe-have bids rose after Moody's downgraded the US sovereign credit rating to AA1 from AAA, while concerns over trade tariffs and middle-east geo-political tensions is likely to the bullion supported. 'Focus during the week will be on the US data on manufacturing/services PMI, and housing data,' said Pranav Mer of JM Financial Services Ltd.
Economic Times
15-05-2025
- Business
- Economic Times
Gold forecast: Analysts see further correction as prices hit 1-month low
Gold June futures on MCX fell to Rs 90,890 per 10g, down 8.5% from peak, amid easing geopolitical tensions, weak U.S. data, and waning safe-haven demand. Tired of too many ads? Remove Ads Why gold prices are falling Easing geopolitical risk premium in the global market, shifting focus to Russia-Ukraine peace talks, U.S. retail sales data, producer inflation, and Federal Reserve policy. Ongoing trade negotiations between the U.S., South Korea, Japan, and India, as well as a temporary trade truce between the U.S. and China. Stabilizing geopolitical tensions between India and Pakistan, reducing safe-haven demand. Lower-than-expected U.S. inflation data, raising prospects of potential rate cuts by the Federal Reserve, is another factor contributing to the easing of the gold price. Technical outlook for gold Tired of too many ads? Remove Ads Gold June futures contracts on the Multi Commodity Exchange (MCX) fell to a one-month low, touching Rs 90,890 per 10 grams in today's session. This decline marks a sharp pullback from the yellow metal's all-time high of Rs 99,358 per 10 grams, highlighting the volatility in gold prices amid changing market fall in gold prices marks a sharp decline of 1.5% just from its closing price on Wednesday, and a massive 8.5% from its peak drop in gold prices has been largely attributed to easing geopolitical tensions and a decline in demand for safe-haven Chainani, Head - Research at Augmont, cited that gold has broken the double-top neckline support, indicating potential downside risks in the near term."Prices are now expected to move towards the $3,000 - $3,050 range, equivalent to Rs 87,000 - Rs 88,000 per 10 grams," she the charts, Chainani stated, resistance is expected at Rs 92,350 - Rs 92,600, while support levels are marked at Rs 90,500 and Rs 89, Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services, stated that gold prices are likely to see an extended corrective move as key chart supports are breached at $3190 in the international spot and Rs 92,000 on MCX.'Price decline remains supported by easing geopolitical risk premium in the global market. Now, in the session ahead, focus will be on Russia-Ukraine peace talks, U.S. data on retail sales, producer inflation, jobless claims and Fed chairman's speech,' Mer the charts, he said that resistance is seen at Rs 92,350-92,600, and downside support at Rs 90,500-Rs 89,700.
