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Today, gold and silver price gained in the Indian market after a sharp jump in the previous session. On MCX, gold futures were up 0.17 per cent to Rs 50 331 per 10 gram, while silver dropped 0.16 per cent to Rs 60,831 per kg. During yesterday’s trade, gold rose 0.8 per cent, and silver jumped nearly 3 per cent.
“Gold price got some respite and made some moderate gains in yesterday’s trade. The precious metal witnessed some bargain buying at sub-$1800 levels, closer to the support level of $1780 levels. This was largely due to a weakening dollar index. Last week, the dollar index witnessed a steep fall after failing to sustain its 19-year high of 105. The recent fall in the DXY could result from fully discounted proposed two 50 basis points interest rate hikes by the Federal Reserve (Fed) this year,” said Pritam Patnaik, Head – Commodities, HNI, and NRI Acquisitions, Axis Securities.
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“The trend looks positive for bullion in the short term. So, buy on dips will be the preferred way forward.”
In global markets, gold rates were flat at $1,825.29 per ounce as the retreat in the US dollar index offset pressure from rising US bond yields. Spot silver dropped 0.2 per cent to $21.56 per ounce, platinum was flat at $945.76, and palladium fell 1.2 per cent to $2,002.17.
