Today’s Gold Price: Gold prices surged this morning as the US bank crisis eased. On the Multi Commodity Exchange (MCX), the April 2023 gold futures contract opened at a higher margin of 58,718 per 10 grams and reached an intraday high of 58,742 per 10 grams. Gold opened flat on the international market, but it quickly gained momentum and reached a high of $1,964 per ounce.
Silver rate has drawn in the consideration of bulls in today’s arrangements too. The May 2023 white metal contract on MCX opened higher and reached an intraday high of 70,190 per kg. Despite some selling pressure on the international market, silver remained above $23 per ounce.
“Gold has found it difficult to sustain above the crucial resistance of $2,000 per ounce and Rs 60000 per 10 gram, which has set selling pressure,” market expert Sugandha Sachdeva stated today when discussing the reasons for the rally in gold and silver prices. Gold prices reached all-time highs in domestic markets as investors flocked to the security of the metal in response to the recent turmoil in the banking sector in the US and Europe.
SVB First Citizens Bank deal is in focus
Sugandha Sachdeva responded, “Easing of stress in the banking sector has reinvigorated risk-on sentiment in the markets, increasing demand for safe-haven gold,” when asked about the immediate impact of the SVB deal on gold prices. Investors’ concerns about a deeper crisis have been allayed by the announcement that the troubled Silicon Valley bank’s assets have been acquired by the US lender First Citizens Bankshares Inc.
Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart, stated, “Expansion of emergency credit facilities by US authorities and signs of stability in the banking system led to profit-booking in precious metals yesterday.” He was anticipating a rally following the profit-booking. However, gold remained optimistic.” Imports in top shopper China and, tireless anxiety toward downturn in US economy smothered place of refuge interest. Prior to the US CB Consumer Confidence data, which will be the focus today amid banking turmoil, gold prices are likely to remain range bound. Is.
Sugandha Sachdeva stated, “The near term outlook indicates some further pressure levels in gold” regarding the prospects for the gold and silver metals in the near future. 58,000 for each 10 grams. In addition, silver failed to close above the primary support near $23.50 per ounce. 70,500 per kilogram on a weekly basis, which may prompt some immediate remediation. At $22 per ounce, silver is expected to remain supported. 68,000/kg threshold.”
68,000 per 10 grams target in sight
“Gold prices continue to maintain a structural uptrend as it resolves to resolve its September 2020 lifetime high,” ICICI Direct advises long-term investors to take advantage of the near-term decline in gold prices. being noticed (56,018) Prices have risen above the broad consolidation of the previous two years (from 56,000 to 44,000 per 10 grams) in the process, indicating an upward trend.
“Historically, we have seen over the last five decades, the big boom in international gold prices usually lasts for four to five years,” the brokerage added. “International gold prices are also in a secular trend.” We are in the middle of the current uptrend in the current context. For the next few years, we anticipate that the market will maintain momentum and the uptrend.
“The strong price structure on the long-term charts gives us confidence that there is a significant upside in prices,” ICICI Direct stated regarding recommendations for long-term investors regarding gold prices. The wide range breakouts of the previous two years (from 56,000 to 44,000) and the rising supply line value adding to the major yearly highs of CY12 and CY20 combine to form the 68,000 level in two to three years. Consequently, financial backers ought to keep money management to profit from the long term upturn.”
Disclaimer: o2help is not responsible for the opinions or recommendations expressed above, which are those of individual analysts or brokerage firms. We encourage financial backers to check with confirmed specialists prior to taking any Speculation Choice.
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