Domestic precious metal futures experienced a downturn today, erasing last week’s gains as traders positioned themselves ahead of the Lok Sabha election results, set to be announced on Tuesday, June 4. Globally, the market saw profit-taking following a key U.S. inflation gauge that offered some relief to policymakers, suggesting the potential for lowering borrowing costs.
On the Multi Commodity Exchange (MCX), August gold futures fell by 0.53 percent, or Rs 380, to Rs 71,454 per 10 grams. Similarly, July silver futures dropped by 0.65 percent, or Rs 593, to Rs 90,977 per kilogram.
Neha Qureshi, Senior Technical and Derivative Research Analyst at Anand Rathi Commodities & Currencies, recommended selling gold futures for August at Rs 71,500, with a stop loss set at Rs 72,000 and a target price of Rs 71,000. For July silver futures, she advised selling at Rs 91,000, with a stop loss at Rs 92,000 and a target price of Rs 89,000.
In the international market, COMEX gold dipped by 0.17 percent to $2,341.7 per ounce.
Praveen Singh, Associate Vice President of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, identified support levels at $2,320, $2,295-$2,300, and $2,277. Resistance levels are expected at $2,350, $2,365, $2,380, and $2,400.
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