MCX Commodity Watch On account of ease in US dollar rate and market buzz about 25 base point interest rate hike by the United Federal Reserve, gold price today opened upside in international and domestic commodity market today, April 25.
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Gold future contract for June 2023 on Multi Commodity Exchange (MCX), opened at Rs 60,033 per 10 gram levels and scaled up to hit intraday high of Rs 60,106 levels within few minutes of MCX market opening today.
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As per commodity market experts, gold rate today is in USD 1,975 to USD 2,010 per ounce range and it may go up to USD 2,050 levels on breaching the immediate upper hurdle. On Multi Commodity Exchange , gold prices are expected to hit Rs 60,900 per 10 grame levels in near-term providing selling trend in US dollar further persists.
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On major levels in regard to MCX gold price today, the IIFL Securities expert said, “Gold price today has immediate support placed at Rs 59,700 per 10 gm on MCX whereas major support for Gold metal is at Rs 58,500 per 10 gm levels. On the upper side, gold price may go up to Rs 60,200 and 60,900 per 10 gm levels in near term."
In recent weeks, gold and silver prices have been struggling to see the momentum to resume the broader upside trajectory since bottoming last year.
From a technical standpoint, though some bearish signals have emerged, the broader upside focus remains. But, from a positioning standpoint, perhaps there is ongoing support for upside progress.
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