Gold and silver prices fall today; Where is the yellow metal going?

In Mumbai, 10 grams Sleep Price is in 24 carat 52,100 down today 210 from last day 52,310. Available at 100 grams in a single carat less than 5,21,000 2,100 from the previous day of 5,23,100.

The cost of 10 grams of gold in 22 carats is less than 47,750 in mumbai 200 from the previous day, while 100 grams is sold at 4,77,500 down 2,000 from Monday’s level.

related to Silver1 kg of this metal was available at 68,000 down in Mumbai 400 from the previous day.

Gold futures maturing on June 03 on MCX remained at this level less than 51,552 444 or 0.85%, while the futures of April 05 were broken from 416 or 0.81% 51,155. Meanwhile, Silver Futures for maturity data as on May 05, is available at 67,240 down 865 or 1.3%.

In the international market, spot gold was down 0.6% at $1,913.47 an ounce.

In its technical outlook, IIFL Securities said, “Based on the current technical developments on the weekly charts, near term bias is likely to remain downside as prices continue to trade below the nearest important horizontal resistance. Weekly RSI upper bound from the price. Turned down. Rising channel and currently stays below overbought territory, further strengthening expectations of a corrective decline on the cards. While MACD index is in positive territory, bearish MACD histogram shows a lack of bullish momentum The metal prices are in a correction mode as it has formed a kind of double top on the weekly chart.”

IIFL Securities “Sideways Down Recommendation: Sell MCX Gold on June 53,000-53,200 with stop loss of 53,600 and target of 51,500”.

According to IIFL, the gold market hit almost record highs earlier this month, but then saw a steady decline at a major policy meeting of the US central bank last week. They have since moved into a more stable range.

Furthermore, the broker reported that the economy grew 5.7% last year, growing at the fastest pace since 1984. But inflation, as measured by the Consumer Price Index, grew at an even faster rate in 2021, with a rise of 7%, the highest since 1981. Since then, the CPI has expanded by 7.5% annually in January and 7.9% annually in February. Which is ultimately making the Fed hawkish.”

On Monday, US 5-year and 30-year Treasury notes rose 2.56% and 2.55%, marking the first time the short-dated yield (5-year) surpassed the long-dated yield (30-year note). have done it. Since 2006 – a few years before the global recession. The increase in yields has raised fears of a possible slowdown ahead.

However, the ten-year Treasury yield has also risen this month, reaching its highest level since 2019 this week.

However, gold may still find comfort in the geopolitical tensions surrounding the Russia-Ukraine conflict until peace talks are completed.

IIFL Securities in its Commodity Mantra report today said, “Geopolitical tensions surrounding the Ukraine conflict have continued to fuel the demand for safe-haven gold, amid speculation that the West may seek further sanctions against Russia for an invasion of Ukraine.” plans to announce.”