look news india
Gold price today: After the announcement of reduction in customs duty in the Union Budget, gold and silver prices are seeing a decline at the local level. But due to rising geopolitical tensions in the Middle Eastern countries and before the announcement of interest rates by the Fed Reserve, gold and silver prices have increased globally. This is likely to lead to a rise in gold prices again at the local level as well.
Yesterday in the retail market of Ahmedabad, gold remained stable at Rs. 72000 per 10 grams and silver at Rs. 72000-82500 per 1 kg. No significant movement has been seen in gold and silver for the last two days. But today the price may increase to 72500-72750 per 10 grams.
MCX gold rose by Rs. 300 to Rs. 69478 per 10 gram and silver rose by Rs. 586 to Rs. 69478 per 10 gram and was trading at Rs. 83227 per kg. Internationally, spot gold was up 0.4 percent at $2,416.79 per ounce and gold futures were up 0.5 percent at $2,414.80 per ounce.
According to the expert
Rahul Kalintri, Vice President, Commodity at Mehta Equities, said, “Market sentiment is mixed. Bullion investors are adopting a wait and watch approach ahead of the fall in US Treasury bond yields and the Fed's decision on interest rates on Wednesday. Gold and silver may see a rise later. Apart from this, ISM manufacturing PMI and non-agricultural employment data are also being monitored.
Geopolitical tensions in the Middle East have increased since Israel announced the killing of a Hamas leader. Therefore, the demand for safe haven will increase. Gold is excellent for hedging against low interest rates and economic risks-geopolitical crises. In such a situation, the price of gold is likely to rise.
Technical Strategy
Globally, spot gold has set support level at $2392-2378 per ounce and resistance level at $2420-2438 per ounce. MCX Gold support level is Rs. 658310-68050 per 10 gram and resistance level is Rs. 68830-68980 per 10 gram.
