gold price: At the local level, the price of gold has fallen today on the eve of Akshaya Tritiya. The gold futures contract for June expiry on MCX was at Rs. Rs 71,050 per 10 gram intra-day after opening lower at Rs 71,000 level. Reached a low of 70965. At 1.21 pm Rs. Falling 125% and trading at 71002.
In the international market, COMEX gold is around $2,319 per ounce, while spot gold prices are around $2,312 per ounce. Tomorrow is Akshaya Tritiya. Which is considered an auspicious day to buy gold. To attract customers on the occasion of this festival, there is a strong possibility of price cut in the local bullion market today.
Reason behind price fall
According to commodity market experts, the reason for the current fall in gold prices is the statement by US Fed officials regarding rate cut. Investors are currently awaiting data from the US Fed on the possibility of an interest rate cut. On the other hand, rising Treasury yields and US dollar rates also caused the gold prices to fall today.
Investing on Akshaya Tritiya will prove beneficial
“The current range of gold prices is ₹70,500 to ₹71,200 per 10 grams,” advised Anuj Gupta, Head of Commodity and Currency, HDFC Securities. If this resistance is crossed, the bullishness will increase. It is advisable to buy gold on this.” level of ₹71,800 per 10 grams on MCX. Demand for physical gold will increase tomorrow on the occasion of Akshaya Tritiya, if the geopolitical crisis increases then gold and silver may see a rise again.
Precious metal prices fall due to Middle East tensions
Tension is once again increasing in the Middle East. Therefore, bullion investors are adopting investment policy keeping this in mind. If the crisis between Iran and Israel increases, the precious metals market may rise. Tension has eased in the Middle East after the US stopped a shipment of bombs being sent to Israel amid fears of a possible military attack on the city of Rafah.
