Today’s gold pricing: compared to the previous close of 97,350, the MCX gold rate for the June contract opened at 96,500 per 10 grams, down ₹840 or 0.86%. The intraday low for the yellow gold was ₹95,457 per 10 grams, a decrease of ₹1,883.
Following a decline in global bullion prices,the price of gold on the Multi Commodity Exchange of India (MCX) dropped on Wednesday,undermining the appeal of safe havens amid expectations of a reduction in US-China trade tensions.
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The June contract’s MCX gold rate began at 96,500 per 10 grams,down ₹840 or 0.86% from the previous close of 97,350. The intraday low for the yellow gold was ₹95,457 per 10 grams,a decrease of ₹1,883.
The price of MCX gold was down ₹1,358 (1.40%) at ₹95,982.00 per 10 grams at 9:05 AM. At ₹96,803 per kg, the MCX silver rate decreased by 0.47 percent.
The June contract MCX Gold prices reached a new all-time high of ₹99,358 per 10 grams on Tuesday.In intraday trading on Wednesday,the yellow metal fell ₹3,900 to ₹95,457 per 10 grams as a result of profit booking brought on by a reduction in trade war fears.
As US President Donald Trump backed down from his threats to fire Federal Reserve Chair Jerome Powell and voiced optimism for a trade agreement with China, gold prices fell on the global market, according to Reuters.
US gold futures sank 1.5% to $3,366.80, while spot gold prices slid 0.7% to $3,357.11 an ounce.
Due to increases in the US stock market and a recovery in the US currency, gold prices fell from their peak. These elements diminished the yellow metal’s allure as a safe sanctuary.
Trump was hopeful about a possible trade deal with China, saying it might “substantially” reduce tariffs on Chinese imports. He made a suggestion that the final deal would probably include tariffs that are far lower than those that are in effect right now.
According to Reuters, US Treasury Secretary Scott Bessent stated that although he anticipates a reduction in trade tensions between the US and China, formal talks with Beijing have not yet begun and are anticipated to be a drawn-out procedure.
As trade tensions have subsided and global risk appetite has improved,gold prices have dropped the most in recent weeks. Technically speaking, every indication indicates that the price of gold is overbought. The yellow metal prices may therefore reverse,according to Ajay Kedia,Director of Kedia Advisory.
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