Gold, silver rate today trade tepid after rise in US dollar. Buy, sell or hold?
2 min read 15 May 2023, 10:35 AM ISTGold rate today has immediate support placed at $1,975 levels in international market
PremiumGold rate today: On account of rise in US dollar rates, both gold and silver prices are trading sideways in early morning deals. As Dollar Index regained the psychological 102 levels and it has been sustaining above this mark since weekend. Gold price today opened at ₹60,910 per 10 gm levels and went on to hit intraday high of ₹60,926 levels. However, profit booking soon triggered and gold price hit intraday low of ₹60,820 per 10 gm levels within few minutes of market opening. In international market, yellow metal price is 0.18 per cent higher at $2014.50 per ounce levels.
Likewise, silver rate today opened at ₹73,188 per kg levels and hit intraday high of ₹73,198 levels. However, profit booking soon triggered and went on to hit intraday low of ₹73,016 per kg levels. In international market, silver price added 0.03 per cent at $23.97 per ounce levels.
According to commodity market experts, gold prices are falling today due to rise in the US dollar rates as Dollar Index has regained 102 levels and it has been sustaining above this level since weekend. They said that gold price has immediate support placed at $1,975 per ounce levels whereas silver price has immediate support placed at $23.40 per ounce levels.
What's dragging yellow metal
Speaking on fall in gold rate today, Anuj Gupta, Vice President — Research at IIFL Securities said, "Gold prices are falling today due to rise in US dollar rates. Dollar Index has ascended above 102 levels and it has been gaining strength after strength that has put gold under pressure. It has support placed at $1,975 per ounce levels and there can be some more decline expected in the yellow metal in near term."
Anuj Gupta said that silver price has immediate support placed at $23.40 levels and it may go up to ₹72,500 in immediate term whereas gold price may go up to ₹60,500 levels.
Gold price outlook
On outlook for gold price today, Deveya Gaglani, Research Analyst - Commodities at Axis Securities said, "Overall, the current outlook for MCX Gold prices is moderately bearish, given the recent developments in the US economy and their potential implications for monetary policy."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
