Gold price in India rose on Monday, following the global cues. On the Multi Commodity Exchange of India (MCX), gold futures jumped 0.16 per cent to Rs 51,131 for 10 grams at 0905 hours on May 30. Silver price also surged on Monday. The precious metal future increased 0.20 per cent to Rs 62,242 for a kilogram on May 30.
In the international market, gold prices soared on Monday. Spot gold was up 0.2 per cent at $1,856.86 per ounce, as of 0152 GMT. US gold futures edged 0.1 per cent higher to $1,859.40. Spot silver climbed 0.1 per cent to $22.13 per ounce. US dollar dipped for the third session in a row. Gold prices are on course for a second straight monthly fall for the first time since March 2021, down about 2.4 per cent so far.
US Markets are shut for Memorial Day holiday on May 30.
Comex gold prices gained around 0.20 per cent on the back of a sharp decline in the US dollar index. Comex gold speculators raised net longs by 22,923 contracts to 77,493, while COMEX silver speculators switched to a net short position of 541 contracts to 1,211 in the week to May 24, showed data.
Meanwhile, disappointing macroeconomic data from the US lifted demand for safe haven assets. US consumer sentiment tumbled to 58.40 levels in May 2022 compared to 65.50 levels in the previous month, lowest level in nearly 11 years on worries about inflation. However, optimistic sentiments in global markets and rebound in US 10 year bond yields capped further gains in bullion prices
Gold Price Future
“International spot gold prices are trading with small gains on Monday morning in Asian trade supported by a weakened dollar, however upside remained capped as investors turned to riskier assets in Asia. Today’s range of Spot LBMA gold is $$1831.60-$1875.07,” said Sriram Iyer, senior research analyst at Reliance Securities.
“Domestic gold futures prices could start with small gains on Monday morning could remain range bound this Monday’s trade tracking overseas markets. A stronger Rupee could keep upside capped. Today’s range of MCX gold August is Rs 50,680 to Rs 51,465,” Iyer added.
MCX gold (August futures) price is trading above the daily mean levels of Rs 50,880. As long as it sustains above this level, it is expected to head towards, Rs 51,300 levels for the day, said ICICI Direct in its daily report.
“Gold may witness lower liquidity and range bound trade on account of holiday in US. The recent poor performance in equity market and dented demand of China has effected the gold prices. Buy Zone Above – Rs 51,000 for the target of Rs 51,300. Sell Zone Below – Rs 50,750 for the target of Rs 50,500,” said Ravi Singh, vice president and head of research, ShareIndia.
Silver Price Future
Silver prices are also expected to take cues from gold prices and may rally
towards Rs 62,500 levels, said ICICI Direct.
“Today’s range of Spot LBMA silver is $ $21.330-$22.920. Domestic silver futures prices could start with small gains on Monday morning could remain range bound this Monday’s trade tracking overseas markets. Today’s range of MCX silver July is Rs 60,860-63,580,” said Sriram Iyer.