Live Gold Silver Analysis: Gold spiked to a daily high near $1,780 with the initial market reaction to the disappointing Nonfarm Payrolls data from the US but seems to be having a difficult time preserving its bullish momentum with the 10-year US T-bond yield staying resilient.
Spot Gold Forecast: Biden scaled back on his infrastructure bill. However, with all the remaining cards still in play, his economic agenda should be positive for gold.
Gold prices are rising on Tuesday, after rebounding from monthly lows boosted by a slide in US yields. The ounce is up by 0.70% and reached at $1,808.42, the highest level in a week.
Gold Silver Holdings Book Profit: Metals and miners have a predictable seasonal tendency to decline in mid to late June and make a secondary – often slightly higher low – in the late July to mid-August period.
On today’s daily watchlist our main focus is Gold and the USD. After yesterday’s FOMC day the DXY broke the reversal pattern that we had been following for over a week now. We remain very long biased Gold, even more after yesterday’s Inflation speach by Chairman Powell.
Gold Silver Tips Today Rocking, Gold Silver Pani Pani: Commodity prices traded mixed on Tuesday, after a weak trading session in the previous day.
Buy Gold Silver As Expected Fire: Gold and silver prices today edged higher in Indian markets, following the uptick in global rates. On MCX gold futures were up 0.4% to ₹49,049 per 10 gram while silver rose 0.7% to ₹72622 per kg.
MCX GOLD 48802 TO 49137
MCX SILVER 72100 TO 72681
Gold (Yellow Metal) Eyes Crucial Resistance: “The negative impact of the disappointing US labour market data is still being felt in the markets on Monday with the US Dollar Index slumping to its lowest level since late February near 90.00. Moreover, the benchmark 10-year US T-bond yield stays in the negative territory at 1.579% at the time of press, helping gold continue to find demand.”
Silver and gold prices inched higher for the fourth consecutive day in domestic markets on Wednesday, following the positive international trend in global rates.