Gold Rates Today: Domestic spot gold closed at Rs 49,195 per 10 grams on Wednesday
Gold Price In India: Gold futures have been traded greater on Wednesday, May 26, displaying energy and a safe-haven demand because the rally in yellow metallic smashed the Rs 49,000 mark earlier right this moment to make a four-month excessive. On Multi Commodity Exchange (MCX), gold futures due for a June four supply, have been final seen buying and selling greater by Rs 172 – or 0.35 per cent – at Rs 49,039, having swung between Rs 48,908 and Rs 49,220 in the course of the session to this point, in comparison with their earlier shut of Rs 48,867. Silver futures for a July 5 supply have been final down 0.35 per cent at Rs 71,891, towards a earlier shut of Rs 72,140. (Also Read: Second Tranche Of Gold Bonds Scheme Opens On May 24: Check Issue Price )
#Gold and #Silver Closing #Rates for 26/05/2021#IBJApic.twitter.com/FB8TFb4DBO
— IBJA (@IBJA1919) May 26, 2021
Domestic spot gold closed at Rs 49,195 per 10 grams on Wednesday, and silver at Rs 71,866 per kilogram – each charges excluding GST, in keeping with Mumbai-based business physique India Bullion and Jewellers Association (IBJA).
Gold Price Today: 26 May 2021: Gold Smashes Rs 49,000 Mark; Should You Buy?
Here’s what analysts say:
Mr. Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services:
“The yellow metallic has continued to indicate energy and the safe-haven demand will stay intact normally. While, DXY is struggling to increase restoration strikes. MCX gold has hit the upper finish of the vary round 49000, additional upside is feasible provided that costs maintain on to those areas for few periods. Else a correction in direction of 48000/47500 must be seen.”
Mr. Nish Bhatt, Founder & CEO, Millwood Kane International – an funding consulting agency.
“Gold costs have been steadily rising previously few periods monitoring worldwide gold futures costs. The rally within the yellow metallic continued previous Rs 49,000/10gm earlier right this moment to make a four-month excessive. The rise within the yellow metallic has been on account of the autumn in US Treasury yields, softer US greenback which pushes up the gold costs.”
”The present situation mixed with the rising variety of circumstances as a result of second wave will result in traders turning to a protected haven and assist additional rally in gold costs,” added Mr Bhatt.
Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited.
”Technically, International Gold is buying and selling with bullish momentum. Psychological ranges of $1900 have been breached earlier right this moment and market is sustaining above them. On the home entrance, MCX Gold June gave a niche up opening and is buying and selling optimistic bias since morning.”
”Like gold, worldwide silver can also be buying and selling with bullish momentum. Prices breached $28.00 ranges and are buying and selling above them. In the upcoming periods, market might take a pullback earlier than a rally is initiated. MCX Silver July gave a niche up opening and is buying and selling in a sideways vary of 72319-72681 since morning.”
Meanwhile, within the worldwide markets, gold costs firmed above the important thing $1,900 degree right this moment, boosted by weaker U.S. Treasury yields and amid expectations that the U.S. Federal Reserve will preserve a dovish financial coverage stance.
Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services:
“Gold prices continue to trade higher, as it breached the physiological level of $1900 hovering around 4-1/2-month high amidst a drop in U.S. Treasury yields and a weaker dollar. The dollar index was pinned near almost a 4-1/2- month low against its rivals…Broader range on COMEX could be between $1870- 1920 and on the domestic front prices could hover in the range of Rs 48,800- 49,360.”
Ravindra Rao, VP- Head Commodity Research at Kotak Securities:
“COMEX gold trades 0.4 per cent higher near $1906/oz after a 0.7 per cent gain yesterday. Gold has jumped to Jan. highs amid mixed US economic data, dovish Fed comments, weaker US dollar, choppy equities and pickup in ETF buying.”
”However, weighing on price are concerns about Indian demand and easing geopolitical tensions. Building on the gains noted in the last few weeks, gold has breached the key $1900/oz level indicating strong upward momentum however any stability in the equity market or US dollar may be enough to trigger a profit taking move,” added Mr Rao.
