Gold Price In India: Gold futures have been traded larger on Wednesday, May 26, exhibiting energy and a safe-haven demand because the rally in yellow steel 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 larger by Rs 172 – or 0.35 per cent – at Rs 49,039, having swung between Rs 48,908 and Rs 49,220 throughout the session thus far, 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, in opposition to 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, based on Mumbai-based trade 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 steel has continued to point out energy and the safe-haven demand will stay intact generally. 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 classes. 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 classes monitoring worldwide gold futures costs. The rally within the yellow steel continued previous Rs 49,000/10gm earlier right this moment to make a four-month excessive. The rise within the yellow steel 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 buyers 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 be buying and selling with bullish momentum. Prices breached $28.00 ranges and are buying and selling above them. In the upcoming classes, 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 keep a dovish financial coverage stance.
Mr. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services:
“Gold costs proceed to commerce larger, because it breached the physiological degree of $1900 hovering round 4-1/2-month excessive amidst a drop in U.S. Treasury yields and a weaker greenback. The greenback index was pinned close to virtually a 4-1/2- month low in opposition to its rivals…Broader vary on COMEX could possibly be between $1870- 1920 and on the home entrance costs might hover within the vary of Rs 48,800- 49,360.”
Ravindra Rao, VP- Head Commodity Research at Kotak Securities:
“COMEX gold trades 0.Four per cent larger close to $1906/ozafter a 0.7 per cent achieve yesterday. Gold has jumped to Jan. highs amid combined US financial knowledge, dovish Fed feedback, weaker US greenback, uneven equities and pickup in ETF shopping for.”
”However, weighing on value are issues about Indian demand and easing geopolitical tensions. Building on the features famous in the previous few weeks, gold has breached the important thing $1900/ozlevel indicating sturdy upward momentum nonetheless any stability within the fairness market or US greenback could also be sufficient to set off a revenue taking transfer,” added Mr Rao.