Gold prices remained volatile on Friday, hovering at Rs 71,594 per 10 grams on the MCX and hitting an intraday low of Rs 71,212. In the international market, prices were around $2,344.25 per ounce. Similarly, silver prices fluctuated, standing at Rs 82,557 per kg on the MCX and hitting a low of Rs 82,529. In the global market, silver was priced at $27.69 per ounce.
Experts like Kaynat Chainwala from Kotak Securities are closely monitoring the factors influencing these price movements. She highlighted that while COMEX Gold prices closed slightly higher on Thursday due to a weaker dollar index, they were also under pressure from rising US treasury yields. With US economic data for Q1 2024 showing signs of growth and inflation, traders are adjusting their expectations for the Fed rate cut timing.
Jateen Trivedi from LKP Securities noted that gold prices found support at key levels, leading to a positive outlook with a recovery in prices. The upcoming US PCE Price Index data release is anticipated to provide further clarity on the future direction of gold prices. Market sentiment remains optimistic as traders await this crucial data.
The market dynamics are complex, with various global factors impacting the prices of precious metals. Investors and traders are advised to stay informed and cautious in these volatile times.
