Gold and Silver are experiencing a decline in rates today, March 5, 2024, due to discussions around potential rate cuts. MCX gold futures for April 5 dipped by Rs 81, or 0.13 percent, to Rs 63,381 per 10 grams, after fluctuating between Rs 64,331 and Rs 64,387 earlier in the day. Similarly, MCX Silver futures for May 5 remained relatively stagnant with a negative bias at Rs 73,412 per kg. The international market saw a decrease in COMEX gold by 0.23 percent to $2121.4.
Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, noted that the significant upsurge in spot gold prices without clear reasoning indicates buyers are more concerned about the direction rather than the level. This suggests that gold could potentially surpass its all-time high of $2135, but sharp corrections may also occur in the wake of crucial data and events later in the week. Singh identified support levels at $2088/$2065 and resistance levels at $2135/$2150/$2175, advising traders to consider buying the dips with a stop loss below $2065.
In addition to the futures trading data, a city-wise gold rate for 24k gold in India on March 5, 2024, was provided to give investors an idea of the prevailing prices across various major cities. It is important for investors to verify prices with their jeweler before making any decisions based on this information.
The article highlights the dynamic nature of precious metal markets and the impact of various factors such as rate cut talks and international trends on the prices of gold and silver. With expert insights, traders can better navigate these fluctuations and make informed investment decisions.
