Gold became cheaper today! 24 carat gold price in 10 grams is 50,450 on Saturday. Futures declined amid a firming dollar, depreciation of the Indian rupee and higher Treasury yields. This week, inflationary pressures, rising interest rates and concerns about uncertainties in a Russia-Ukraine offensive to stifle economic growth have driven money out of precious metals. However, next week, the sentiment in bullion will revolve around a number of factors from crude oil prices to the speech of US Fed Chairman.
In India, a 24 carat Sleep Price is in 10 grams 50,450 down 220 . from the last ending of 50,670. Meanwhile, a 100 gram of the same carat has become cheaper than gold. from 2,200 5,04,500 from the previous day 5,06,700.
Meanwhile, 22 carat gold is available at 46,250 in 10 grams – reduced 200 from last day 46,450. Whereas there is 100 grams of gold in a single carat. less than 4,62,500 2000 from the previous day.
On the other hand, silver became expensive today with the price of 1 kg of this metal above 59,400 700 from the previous day. Available at 10g & 100g Silver 594 more 5,940 more than their previous day.
According to the report of PTI, the closing price of bullion on Saturday was – Standard Gold [99.5 purity] Feather 51,900 per 10 grams, Jewelery Gold 4,840 per gram, and Silverspot [.999 fineness] Feather 61,400 per kg.
Gold futures maturing on Friday, June 3, fall in prices on MCX 265 or 0.53% and closed at 49,909. Meanwhile, silver futures maturing on June 5 continued to rise. 631 or 1.07% and ended at 59,382.
For the next week, Sugandha Sachdeva, VP-Commodity & Currency Research, Religare Broking lists five key factors driving sentiments in bullion.
Sugandha said, “Several factors will determine the price volatility in gold for the coming week, where the key catalyst will be the movement of the greenback. Firstly, any further strengthening of the US dollar will be negative for gold prices, while some The softening will lead to renewed buying interest in gold. Secondly, the crude oil trend will affect inflation expectations and this will affect gold prices. For the third variable, markets are keenly watching any further developments in the Russo-Ukraine war. Will keep.”
For the fourth and fifth factor, Sugandha said, “Rupee-dollar exchange rate will also remain on investors’ radar. In addition, the Fed Chair’s speech and retail sales data from the US will provide further indications for gold prices.”
On the rupee, Anuj Gupta, Vice President – Research, IIFL Securities said, “The Indian National Rupee (INR) hit a new all-time low last week and any rally in the Indian rupee against the US dollar would prevent any rally in the precious meta. There will be some increase in the domestic market. So, rupee versus dollar is going to act as a domestic trigger for the yellow metal.”
Gupta further said, “US retail sales data will have a direct impact on dollar index. If the data turns disappointing, profit-booking in US dollar may boost gold demand in the near future. Besides, US retail sales data will be affected by lower sales data in near future,” Gupta added. There will be a negative impact on US inflation, which may support gold prices.”