Gold Price Today: Gold and silver futures open mixed on MCX ahead of US data. MCX Gold shows potential downside with support at Rs 71,700. Neha Qureshi recommends selling MCX gold at Rs 72,200 and silver at Rs 94,000.
Gold prices experienced a decline on Tuesday. Despite the dip, gold retained its strength as traders awaited US inflation data, which could influence the Federal Reserve s decision regarding interest rate cuts.
Gold prices on the MCX for June futures contracts slipped by Rs 126 or 0.18% to reach Rs 71,451 per 10 grams amid a backdrop of escalating treasury yields and profit booking.This decline in gold prices marks its most significant weekly drop of the year, following a record high earlier in the week.
Gold prices on MCX fell amid reduced geopolitical tensions, with June futures dropping by 0.92% to Rs 70,541/10g, and May silver contracts down 0.9% to Rs 79,869/kg. The decline follows Fed s potential prolonged interest rate hikes, impacting gold s appeal. Investors await U.S. economic reports for policy clues.
On Friday, gold June futures contract settled at Rs72,806 per 10 grams while silver May futures contract settled at Rs 83,507 per kilogram. Precious metals have pulled back after a streak of highs in the previous weeks.