Gold prices on Wednesday, April 26, 2023, were trading marginally lower in the early trade at Rs 60,192 per 10 grams in the futures market. Experts said a higher US dollar index and lower crude oil prices on Wednesday are negative influences on the metals markets, amid uncertainty over US monetary policy.
On the MCX, gold was down 0.11 per cent on Wednesday at Rs 60,192 per 10 grams in the June futures trade.
Rahul Kalantri, vice-president (commodities) of Mehta Equities, said, “Gold and silver prices were highly volatile and witnessed sideways movement intra-day before closing on a mixed note on Tuesday. Gold in morning trades saw some upside from bargain buying as US treasury yields have declined this week. However, a higher US dollar index and lower crude oil prices today are negative influences on the metals markets.”
He added that softer-than-expected US consumer confidence data also points to a slowing consumption this year, which is a damper on economic growth. Uncertainty over monetary policy and a stronger dollar had weighed on gold in recent weeks, as markets were split over when the Federal Reserve could halt its rate hike cycle.
“Gold has support at $1,980-1,965 while resistance is at $2,005-2,015. Silver has support at $24.80-24.58, while resistance is at $25.20-25.32. In rupee terms, gold has support at Rs 59,940-59,750, while resistance is at Rs 60,520-60,720. Silver has support at Rs 73,920-73,510, while resistance is at Rs 75,050-75,610,” Kalantri said.
In the international market, gold prices moved in a tight range on Wednesday, with recessionary fears lending some support to the safe-haven asset, while investors sought more clarity on the Federal Reserve’s rate-hike trajectory from U.S. economic data due this week.
Spot gold held its ground at $1,997.40 per ounce by 0307 GMT. U.S. gold futures were up 0.2% at $2,008.60.
In the domestic spot market, gold prices had on Tuesday jumped Rs 440 to Rs 60,580 per 10 grams amid gains in precious metal prices globally. The precious metal had closed at Rs 60,140 per 10 grams in the previous trade. Silver, however, declined Rs 360 to Rs 75,240 per kg.
(With Inputs From Agencies)
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