CHENNAI: Gold prices went up slightly today, April 5, with spot prices at Commodity Exchange (COMEX) up by 0.05 percent at USD 2,023/ounce, said an analyst.
The Multi Commodity Exchange's (MCX) June gold futures contracts were trading 0.10 percent lower at Rs 60,895 for 10 kilos.
Gold prices were stable after a significant gain the previous day, according to Saumil Gandhi, Senior Analyst - Commodities, HDFC Securities.
In response to lower-than-anticipated US Jolts job opening data, Comex spot gold prices increased by more than 1.80% on Tuesday, reaching USD 2,025 per ounce, their highest level since March 2022. At the same time, domestic gold prices in MCX crossed Rs 61,000, setting a new lifetime high, according to Gandhi.
Jobs available in the US suggested a slowdown in the labour market, which raised hopes that the Fed might not need to hike rates all that much more and might even suspend the tightening cycle. There is currently a 56.9% chance, according to traders, that the Fed will maintain the federal funds rate in January. "We anticipate that the current momentum in gold prices will likely continue, and Comex spot gold price should in the near future retest USD 2,065 per ounce barrier," Gandhi added.
Supports for Comex spot gold are at USD 1,995 and USD 1,980 per ounce, and resistances are at USD 2,040 and USD 2,065. said Gandhi, the support and resistance levels for the MCX Gold June future are Rs 60,300 per 10 grammes and Rs 61,700 per 10 grammes.
Strong physical demand from major consumers like China and India as well as a weak US dollar all help the metal edge higher in the near term.
Although a technical pullback in the domestic market is possible given that prices are near record highs, the positive trend is most likely to persist.
In the short term, prices may receive strong support from expectations of seasonal buying and demand for festivities like Akshaya Tritiya, which falls next month, Hareesh noted.
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