Surge in Gold Futures on Multi Commodity Exchange
Gold futures witness a substantial rise, climbing by Rs 245 to reach Rs 71,585 per 10 grams on the Multi Commodity Exchange. This surge, representing a 0.34% increase, is attributed to speculators’ fresh positions and robust spot demand. The trading activity saw a turnover of 23,529 lots, indicating significant market participation.
Global and Domestic Factors Driving Gold Prices
In sync with the global trend, gold futures experienced a notable upswing. Internationally, gold futures rose by 0.51% to USD 2,374.40 per ounce in New York. Domestically, the MCX Gold for June delivery also displayed positive movement, trading 0.44% higher at ₹71,652 per 10 grams. This surge in gold prices is buoyed by ongoing geopolitical tensions and renewed concerns over inflation.
Expert Insights and Market Analysis
Analysts attribute the rise in gold prices to various factors, including strong central bank buying, safe-haven inflows amidst geopolitical risks, and momentum-following funds’ demand. They note a 14% increase in gold’s value so far this year. The anticipation of US inflation data and Federal Reserve’s monetary policy decisions further contribute to market sentiments.
Strategies and Outlook
Experts suggest potential strategies for navigating the gold market amidst volatility. Support and resistance levels are outlined for both gold and silver, guiding investors on potential entry and exit points. Recommendations include buying silver on dips with specified stop-loss and target levels.
Market Dynamics and Risk Analysis
The article delves into the broader market dynamics, discussing the correlation between gold prices and geopolitical tensions, inflationary pressures, and central bank policies. It emphasizes the importance of staying informed about global economic indicators and geopolitical developments for informed investment decisions.
Expert Opinions and Forecasts
Various experts provide their insights and forecasts regarding gold and silver prices, highlighting potential volatility amid global economic uncertainties. Recommendations for investors are tailored to navigate market fluctuations while capitalizing on underlying positive sentiments.
A disclaimer clarifies that the views expressed in the article are those of individual analysts and experts, urging investors to consult certified professionals before making investment decisions. The article concludes by encouraging readers to stay updated with market news and trends through reliable sources like Live Mint.
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