Thursday, June 1, 2023

Gold prices rose today as the US dollar depreciated and the Central Bank’s interest rate hikes were discussed.


Gold prices opened in international markets and products today. The effect of the softening in the US dollar rate and the market sentiment regarding the Fed’s 25 basis points interest rate. The June 2023 gold futures contract opened at Rs 60,033 per 10 grams. Hit an intraday high of Rs 60,106 a few minutes after opening today.

According to market experts, they are in the range of $1,975-2,010/ounce today. May reach $2,050 after crossing the recent peak. If the decline in the US dollar continues, gold prices. MCX are expect to trade at Rs 60,900 per 10 grams in the near term.

IIFL Securities Vice President of Research Anuj Gupta. His statement on the outlook for gold prices, said, “The main reason for the increase in gold prices today is the fall in interest rates in the dollar.
Technically speaking, today’s gold price has immediate support at $1,975 per ounce and immediate resistance at $2,010.

IIFL Securities expert, referring to the high gold prices in MCX today, add, “Today gold prices are instantly support at Rs 59,700 per 10 grams in MCX. The main support for Gold is Rs 58,500 per 10 grams.” In the north, the price of gold can go up to Rs 60,200 per 10 grams and up to Rs 60,900 nearby.

Focus USD exchange rate

Anuj Gupta advises gold investors to go on a bargain hunt as all deals for gold look good.
Gold experts strongly advise gold traders to be wary of the dollar’s price movements. As the movement in the gold price should be determined in the near term. He added that attention should be paid to some global market trends. The dollar index and news of Fed rate hikes.

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