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Gold rates today near $2000 on soft US dollar. Will it climb to a new peak?

 

Gold Rates Today: Gold prices today traded close to the $2,000 mark in the international spot market after touching the $2,000 mark on Thursday. This has fueled speculation that the yellow metal may surpass its all-time high of $2,072 an ounce. Gold prices on the MCX opened with a margin and reached 59,487 per 10 gram, the day’s high. silver cost today 72,000 for each kg level and proceeded to move to day’s high 72,094 for every kg levels. The white metal fetches approximately $23.90 per ounce, while the yellow metal fetches approximately $1,982 per ounce on the international market.

Experts in the commodity market say that as the US dollar fell and the dollar index fell below 102 levels, bullion prices are rising on the international market. He went on to say that gold prices might see a strong rise to 60,000 for 10 grams in the domestic market after maintaining levels above $2,000 on the international market. Essentially, silver today is confronting prompt obstruction close $24 per ounce, while in the homegrown market, it is confronting opposition close $72,500 per kg.

What’s driving the rise in gold, silver prices

“Gold has maintained its positive momentum registering strong gains in the previous session despite easing concerns about banking sector crisis and risk on sentiment returning to the markets,” market expert Sugandha Sachdeva stated regarding the reasons for the rise in gold and silver prices. The appeal has not been diminished. The new mellowing in the dollar file has been a critical variable supporting the standpoint for gold as market members expect the US Took care of not to climb rates a lot higher than current levels.”

Can gold climb to new highs?

Debajit Saha, Lead Examiner, Refinitiv Metals said, “The abrupt ascent in gold costs was principally because of the breakdown of two territorial banks in the US followed by the emergency in one. The decision has sparked a number of market speculations that gold may reach new highs right now. In essence, it would appear that investors would rather avoid the market and wait for prices to stabilize.”

“The price structure indicates a solid move to the upside,” Sugandha Sachdeva said, advising positional investors to wait for a fresh breakout in the prices of yellow metal. There may be additional gains toward the June contract’s 60,000 per 10 grams mark, or 60,600 per 10 grams. However, the $2,000 per ounce mark remains a significant obstacle in the near future.” He added that the US PCE price index data, the Fed’s preferred inflation gauge for evaluating the performance of the central bank, will now be the focus of all attention. can provide additional clues regarding the policy’s future direction.

Disclaimer: o2help is not responsible for the opinions or recommendations expressed above—they are those of individual analysts or brokerage firms. Before making any investment decisions, we recommend that investors conduct due diligence with licensed professionals.

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