Gold and silver prices took a hit today after reaching record highs on Thursday, with the US dollar making a comeback in early morning trading. The MCX gold rate for June 2024 expiry opened lower at ₹69,297 per 10 gm, down 0.50 percent from the previous day’s close of ₹69,707 per 10 gm. Similarly, the silver rate on MCX opened lower at ₹79,339 per kg and dropped to an intraday low of ₹78,777 per kg.
Anuj Gupta, Head of Commodity & Currency at HDFC Securities, attributed the pressure on precious metal prices to the rebound of the US dollar. The US dollar index, which had dropped from a four-and-a-half month high on Thursday, saw some recovery in the early trading session, impacting gold and silver prices.
Market analysts are closely watching the US non-farm payroll data, which is set to be released today. Saish Sandeep Sawant Dessai, Analyst at Angel One, mentioned that Federal Reserve officials are discussing potential rate reductions, but recent data showing an increase in Americans filing for unemployment benefits has raised concerns about the labor market. The upcoming non-farm payrolls report will provide further insight into the timing of the Fed’s rate cut.
Despite the current pressures on gold and silver prices, the overall outlook remains positive. Investors are advised to keep an eye on key support levels and market developments to make informed investment decisions. It is recommended to consult with financial experts before making any investment choices.
