Internationally, spot gold prices rose by $23.16, or 0.7 percent, to $3,323.87 an ounce.
Gold futures in New York were trading marginally lower at $3,300.64 an ounce.
On Wednesday, gold contracts for June delivery on MCX also gained Rs 304 to Rs 95,447 per 10 grams. A total turnover of 5,642 lots was recorded. Analysts believe that strong spot demand and fresh position creation are the reasons for the rise in the futures market.
According to Kayant Chenwala, AVP Commodity Research at Kotak Securities, "Gold prices traded higher as markets await the US Federal Open Market Committee (FOMC) meeting minutes and speeches by Federal Reserve officials for clues on future policy."
Jatin Trivedi, VP Research Analyst (Commodities and Currencies), LKP Securities, said, "Gold is trading in a positive trend today. It is trading in the support zone of $3,280 to $3,300 on COMEX, while buying is also seen at the Rs 95,000 level on MCX. Resistance can be seen at $3,375 on COMEX and Rs 97,000 in the domestic market. Investors are now eyeing the US FOMC meeting minutes, first quarter GDP figures and core PCE price index, which are important indicators that determine the direction of inflation and interest rates. After these events, gold can see sharp fluctuations." Experts believe that gold and silver prices will depend on the US economic reports and signals from the Federal Reserve in the coming days. If there are signs of inflation and interest rates in the US, then further increase in gold is possible.
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