Gold Price Today: Yellow metal opens near Rs 71,000/10 grams; silver above Rs 83,000/kg

A day ahead of the auspicious occasion of Akshaya Tritiya, gold prices on MCX for June futures contracts opened on a flat note, down by Rs 47 or 0.07% to trade at Rs 71,080 per 10 grams while MCX July silver contracts were up by Rs 113 or 0.14% to Rs 83,107 per kg.

Gold and silver prices held steady as investors turned their focus to upcoming US economic data, seeking clues about the Federal Reserve's potential interest rate adjustments. The dollar index strengthened following hawkish remarks, exerting downward pressure on gold and silver prices.

Gold prices fluttered in a tight range on Thursday, as investors turned their attention to U.S. economic data that could offer additional insights into when the Federal Reserve might implement interest rate reductions.

In the U.S. markets, Spot gold was steady at $2,309.23 per ounce, as of 0057 GMT. U.S. gold futures lost 0.2% to $2,316.80.

On the geopolitical front, Hamas said on Wednesday it was unwilling to make more concessions to Israel in negotiations over a ceasefire for Gaza.

Today, the US Dollar Index, DXY, was hovering near the 105.50 mark, rising 0.05 or 0.05%.

“strong purchases by global central banks and geopolitical tensions provided support to precious metal prices. In April, the Chinese central bank increased its gold reserves by 1.9 metric tonnes, marking the 18th consecutive month of expansion. Similarly, other central banks globally boosted their reserves significantly in the first quarter of this year, bolstering prices.” said Rahul Kalantri, VP Commodities, Mehta Equities.

Range for Gold and Silver by Rahul Kalantri:

• Gold has support levels at Rs 70,910 and Rs 70,760, with resistance at Rs 71,340 and Rs 71,520.
  
• Silver's support is expected between Rs 82,140 and Rs 81,580, with resistance at Rs 83,640 and Rs 84,080.
  

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