Gold Silver Rate Outlook: Gold and silver prices fell on Thursday as the dollar held firm and optimism over US debt-ceiling talks reduced the metal’s safe-haven appeal.
Gold and Silver Prices Fall on MCX
Gold (सोना) and silver (silver) traded lower on Thursday. Gold futures on the multi-commodity exchange (MCX) for June delivery were trading at Rs 60,010, down 0.22% or Rs 135. Silver futures (चांदी वायदा) for July delivery fell 0.81% or Rs 585 to Rs 72,073.
Global Gold Rate Decreases
Globally, the gold rate decreased as the dollar held firm and optimism over US debt-ceiling talks reduced the metal’s safe-haven appeal. Spot gold fell 0.2% to $1,977.79 per ounce. US gold futures edged 0.1% lower to $1,982.10. Spot silver fell 0.5% to $23.61 per ounce, platinum shed 0.2% to $1,066.71, and palladium lost 0.4% to $1,480.85.
Optimism Over US Debt-Ceiling Talks
US President Joe Biden has expressed confidence that there will be no US default, and House Speaker Kevin McCarthy said reaching an agreement this week is “doable.” Meanwhile, US regional banks rallied after Western Alliance Bancorp reported growth in deposits.
Comments from Officials Support Greenback
“Comments from officials also supported the greenback after European Central Bank Vice President Luis de Guindos said the ECB has completed most of its tightening but there is still “a way to go.” A batch of Fed official’s speeches and US weekly jobless claims data will be in focus for the day,” said Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research at Kotak Securities Ltd.
Gold Price Forecast
“We expect the gold price (सोने की कीमत) should correct further to $1965 per ounce after the price broke support of $1980 per ounce in the previous session. For the day Comex spot gold has supports at $1965/$1950 per ounce and resistance at $2005/$2019 per ounce. MCX Gold June future has supports at Rs 59750/59580 per 10 grams and resistances at Rs 60400/60700 per 10 grams,”.
Conclusion
In conclusion, gold and silver prices fell on Thursday as the dollar held firm and optimism over US debt-ceiling talks reduced the metal’s safe-haven appeal. Experts predict that the gold price may correct further to $1965 per ounce. However, it is important to keep an eye on developments in the market and any comments from officials that may impact the gold rate.
