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The yellow metal extends its gains supported by stable world prices and the ease of US Treasury yields


The price of gold extended its gains on Tuesday as the US dollar rallied slightly after hitting a one-month low in the previous session. Globally, gold prices stabilized greenback support and easing US Treasury yields.

The rupiah remained stable against the US dollar on Tuesday in early trading due to weak equity markets and foreign capital outflows. Global oil benchmarks fell. Brent crude futures fell to $110.07 a barrel and US West Texas Intermediate (WTI) futures fell to $109.62 a barrel from 10:05 a.m.

MCX gold futures for June delivery rose Rs102 or 0.2% to Rs50,931 for 10g at 09:00. MCX silver futures for July delivery were down 42 rupees or 0.07% at 61,365 rupees per kg.

Spot gold rose 0.06% or $1.08 to 1,854.67 at last count. On the domestic market, spot gold rose by 217 rupees or 0.15% to reach 143,853 rupees

Manoj Kumar Jain, head of commodities and currency research at Prithvi Finmart, said he expects gold and silver to remain volatile ahead of the Federal Open Market Committee (FOMC) minutes. scheduled for later in the day.

“Minutes from the May FOMC meeting will be released later today, and the Federal Reserve Chairman’s speech is also due this week. We expect both precious metals to remain volatile ahead of the minutes. from the FOMC, but gold could hold $1800 per troy ounce while silver could also hold $21 per troy ounce and any decline in price would be a buying opportunity at lower levels.

“Gold and silver prices rose early in Monday’s trading session after the dollar index fell sharply and slipped to four-week lows. Weakness in the dollar index supported precious metals, but the rally in U.S. equity markets and other equity indices limited precious metals gains.”

“We suggest buying gold on dips around 50,700 with a stop loss of 50,480 on a closing basis for the target of 51,100 and silver around 60,900 with a stop loss of 60,440 on a closing basis for the target of 62,100,” Jain added.

The dollar index – which measures the strength of the greenback against six peers – rose 153 cents or 0.15% to 102.250 on Tuesday.

Ravindra Rao, vice president of commodities research at Kotak Securities, said gold edged higher on the weaker US dollar, lower bond yields and mounting challenges for the global economy.

“COMEX gold is trading slightly higher near $1850/oz, building on gains seen last week. ETF inflows are also showing renewed investor interest. However, prices are increasingly weighing on the focus on monetary tightening to control inflation by the Fed and other central banks Gold has rallied sharply from recent lows, indicating improving sentiment after the recent sell off, but any sharp upside could be challenged by a tightening of expectations,” Rao said.


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