Gold June contracts on MCX opened on a flat note at Rs 71,290, 0.11% up or Rs 76 in Friday\’s trade while Silver May contracts opened 0.31% or Rs 249 higher at Rs 80,933.
International and domestic gold and silver prices gained on Thursday after the Dollar eased after US first-quarter GDP rose less than expected in the first quarter. The rise comes on hopes the Fed could move to lower interest rates after weak GDP numbers.
Gold prices were slightly down in recent trading, and market participants are now looking forward to more inflation data expected to come out soon.
The Dollar and the U.S. Treasury Yields have started mixed this early Friday morning in Asian trade.
The DXY index stood at 105.70, up by 0.10% or 0.10 points.
“The upside for Gold was capped after the US weekly initial unemployment claims unexpectedly fell by 5,000 to a 2-month low of 207,000, showing a stronger labor market than expectations of an increase to 215,000,” says Sriram Iyer, senior research analyst at Reliance Securities.
From an intraday perspective, Iyer adds, international gold prices have started flat this early Friday morning in Asian trade ahead of PCE price index numbers tonight.
Intraday ranges for Gold June contracts and Silver May contracts by Sriram Iyer:
- The range for MCX gold June is Rs 70,700 to Rs 71,600.
- The range for MCX silver May is 81,665 to 83,000.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
