/financial-express-hindi/media/media_files/uONdY4WK2XJ8BAklWl3m.jpg?w=750&resize=750,375&ssl=1 "Gold Price Today: Gold fell by Rs 80, silver also fell by Rs 1200, what is the level of technical support and resistance")
Gold Rates Today : Both gold and silver prices closed with a decline on Wednesday. Silver in particular witnessed a sharp decline. While the price of gold fell by Rs 80 per 10 grams, silver recorded a decline of Rs 1200 per kg. Weak signals from international markets are being blamed for this decline. According to experts of HDFC Securities, the impact of the weak trend at the global level was also seen in the Indian market on Wednesday.
Impact of weak global cues
The impact of the weak trend at the global level was also seen in the Indian market on Wednesday and the price of gold in the country’s capital fell by Rs 80 to Rs 72,820 per 10 grams. During the last trading session, the price of gold closed at Rs 72,900 per 10 grams. The price of silver also fell by Rs 1,200 to close at Rs 91,900 per kg on Wednesday. During the last trading session, silver closed at Rs 93,100 per kg.
What are technical support and resistance levels?
Pranav Mer, Vice President, EBG – Commodity & Currency Research, JM Financial Services, says that gold has been continuously limited in the range of 800 to 1000 for the last 8 sessions, while the US dollar index is continuously trading above the support level of 103.8. The focus of the market players is currently on the European Central Bank (ECB) policy meeting to be held on Thursday and the US Nonfarm Payrolls data to be released on Friday. He said that the technical support in the market currently remains at 71450/70800, while the resistance on the upside is seen at 72500/72650.
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international market situation
Talking about international markets, the spot rate of gold on COMEX was trading at $ 2,332 per ounce, which is $ 3 less than the previous closing price. Apart from this, silver also fell to $ 29.75 per ounce.
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The market is keeping an eye on these figures
Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said that gold prices fell due to the strength in the US dollar and technical selling pressure. However, there were signs of weakening of the US labor market. Gandhi said that in the current situation, the expectations of the US Federal Reserve cutting interest rates in the near future have strengthened. He said that in the coming days, traders will pay more attention to macro-economic data. These data include ADP non-farm employment data and ISM non-manufacturing PMI data. These figures are to be released only during the next twenty-four hours.
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According to Jatin Trivedi, Research Analyst and Vice President of Commodity and Currency at LKP Securities, non-agricultural payroll and unemployment data are also expected to come by the end of this week. Trivedi said that everyone’s main focus is still on the US Federal Reserve’s policy decision on June 12, which will determine the future trend of gold prices.
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