MCX COMMODITY MARKET TODAY: As investors wait for the release of US inflation data this week, gold and silver prices are lukewarm today. May 9, 2023.
Today's gold and silver prices started out higher but quickly fell back, indicating cautious movement as investors awaited this week's critical publication of US inflation data. The price of gold today started off lower but quickly gained pace, rising to an intraday high of Rs. 60,989 per 10 gm on the Multi Commodity Exchange (MCX).
On the MCX, the price of silver opened higher today and reached an intraday high of Rs. 77,173 per kg. The white metal, however, saw profit-booking minutes after the opening of the commodities market and hit an intraday low of Rs. 77,100 levels.
Experts on the commodity markets indicate that the current gold price has support at USD 2,010 levels and significant support on the downside at USD 1,980 to USD 1,975 per ounce levels. Similar to gold, silver currently has support around levels of USD 25.40 per ounce and an immediate obstacle at USD 27 per ounce.
Market experts indiate that Gold investors are encouraged to keep an eye on the movement of the US dollar rate and the US inflation statistics coming this week. Investors should exercise caution in relation to these two important triggers, as they are anticipated to determine the price of yellow metal this week.
Outlook for gold and silver prices: According to commodity market experts, key pivot points for the gold and silver rates today are at USD 2,010 for immediate support and USD 2,050 for resistance. Gold is positioned between USD 1,980 and USD 1,975 as its main support range. Currently, the silver rate is supported around USD 25.40 levels, but in the near future, it is predicted to rise to USD 27 levels.
The forecast for gold and silver prices in the near future by saying that the price of gold on the MCX has support at Rs. 60,000 and resistance above Rs. 61,800 per 10 gm. The current silver rate for July futures has a support level of Rs. 74,000 and a resistance level of Rs. 79,000 per kg, analysts said.
Gold bullion's mandated hallmarking will no longer be required from July
Commodity Market: Gold price remains steadily high, Silver hits new peak
Commodity Market Watch: Gold slips amid global cues, silver rate up