Comments
Gold Futures opened lower on Friday at ₹51,909 per 10 grams on Multi Commodity Exchange (MCX), down by ₹257 or nearly 0.5 per cent from previous close of ₹52,166 for most active June contract.
MCX Silver May Futures, had regained ₹67,000 levels at Thursday's closing, but slipped at the opening on Friday tracking overall dull sentiment in the bullion.
Silver futures opened at ₹67,359 a kg, down ₹128 from previous close of ₹67,487.
Comex gold inched up to trade above $1940 levels on Friday against prior settle levels of $1954 for CME June contract.
Comex Gold
Gold prices had its best quarter January-March as the prices rallied from the lows of $1803 levels in early January 2022 to scale a peak of $2082 on March 8, 2022 making it the best quarter for the gold market in two years.
In January-March 2020 quarter, gold prices had scaled to hit a high of $2060 an oz (a troy ounce is equal to 31.1 grams).
The yellow metal last quoted at $1944.2 an oz in early trades on Friday for CME June contract, lower from previous close of $1954 an oz.
CME Silver May Futures on Friday maintained $25 levels to trade at $25.030 an oz as against previous close of $25.133.
MCX Gold
MCX Gold June Futures came under pressure on Friday. Prices slipped into red at the opening and remained lower as traders awaited direction from global events including US Jobs data and the developing geopolitical situations from the Ukraine-Russia peace talks.
Gold last quoted at ₹51,949 per 10 grams, down ₹217 or 0.42 per cent at 09:53 am Friday. Open interest for June contract increased from 18,437 lots a day ago to 19,122 lots on Friday.
Silver Futures opened down and traded with marginal loss of ₹114 or 0.17 per cent on Friday to quote at ₹67,373 a kg at 09:42 am against the previous close of ₹67,487.
The open interest for silver contract was recorded at 6025 lots against 6,010 lots a day ago.
Spot gold
Spot Gold quoted at ₹51,484 per 10 grams of 999 purity fine gold as quoted by India Bullion and Jewellers Association (IBJA) for afternoon rates on Thursday. The prices were marginally higher from previous day's retail quotes.
Notably, Gold prices witnessed sharp volatility during the month of March gaining to the high of ₹53,595 per 10 grams on March 7, 2022 and settled at ₹51,449 at the end of the month by losing nearly ₹2000 per 10 grams.
Analysts speak
Analysts expect bullion to remain volatile amidst multiple global factors.
Rahul Kalantri, VP Commodities, Mehta Equities Ltd noted, "We expect both Precious metals to remain volatile in today’s session ahead of the US non-farm employment and ISM manufacturing Data."
On the gold price movement, Kalantri stated that "Gold has support at $1916-1904, while resistance at $1940-1950, Silver has support at $24.55- 24.10, while resistance is at $25.20-25.45, in INR terms, gold has support at ₹51,720–51,450, while resistance is at ₹52,340–52,550. Silver has support at ₹66,920- 66,430 while resistance is at ₹67,980–68,350."
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.