Today Gold Price: Gold prices surged on Friday as the US dollar weakened after Federal Reserve Chair Jerome Powell signalled an end to the monetary tightening cycle. Gold contracts for June delivery on the Multi Commodity Exchange (MCX) rose by ₹667 per 10 grams, or about 1.12 per cent, to end at ₹60,390. In the international market, gold prices rose to around $1,977 an ounce, gaining about one per cent intraday.
Today Gold Price: Silver Price on MCX
On Friday, silver prices on MCX surged over Rs 1,200 per kg and closed the weekend session at Rs 73,350, up 1.67%. In the international market, silver prices reached $23.845 an ounce after touching $24.010 an ounce. However, the US dollar index halted its rally near 103 levels on Thursday after reaching sky-high levels of 104.
Gold prices continue to surge as investors flee the greenback in search of safety. The US banking sector is in disarray, and talks about the US debt ceiling limit have been temporarily halted, reigniting concerns about a possible US default. These factors have prompted investors to seek the safety of gold, leading to gold’s continued surge in price.
Today Gold Price: Last week gold and silver prices
Gold and silver prices saw selling pressure last week as investors weighed the possibility of the US debt ceiling crisis being resolved. Nirpendra Yadav, Senior Commodity Research Analyst at Swastik Investmart, said, “The Joe Biden administration was overly optimistic about a possible solution, which eased the ongoing uncertainty regarding the debt ceiling. This weighed on gold and silver prices as investors opted to take profits.”
“The fall in precious metal prices ahead of Friday’s rally can be attributed to the strength of dollar index and strong US retail sales, industrial production and strong labor market indicators. Sugandha Sachdeva of Acme Investment Advisors said the demand for gold as a safe haven.
gold price outlook
Sugandha Sachdeva, speaking about the gold price outlook in the near term, said, “Looking at the coming week, ₹59,500 or $1,950 per ounce level will act as a strong support zone. Any price decline can be considered as a buying opportunity, as long as this support level holds. On the upside, gold may face resistance near the key levels of ₹61,500 per 10 grams. Only a decisive move above this level will signal further upside in the coming days.”