Gold, silver price on April 26: Yellow metal finds stability around Rs 70,700 in MCX
The US economic data for Q1 2024, including an annualised 1.6% expansion and a surge of 3.7% in the core PCE price index, has significant implications for gold prices.
- Apr 26, 2024,
- Updated Apr 26, 2024 4:11 PM IST
Gold prices hovered at Rs 71,594 per 10 grams on the MCX on Friday and hit an intraday low of Rs 71,212.
In the international market, prices hovered around $2,344.25 per ounce.
Silver hovered at Rs 82,557 per kg and hit an intraday low of Rs 82,529 on the MCX. In the international market, the price hovered around $27.69 per ounce.
Kaynat Chainwala, Senior Manager-Commodity research at Kotak Securities, provides valuable insights into the factors affecting gold prices.
She notes, "COMEX Gold prices closed marginally higher on Thursday, tracking weakness in the dollar index amid mixed economic data from the US. However, the yellow metal was under pressure from rising US treasury yields, which rose to above 4.7%, the highest since early November, as data prompted traders to scale back their expectations for Fed rate cut timing."
This expert opinion is crucial for understanding the current market dynamics.
The US economic data for Q1 2024, including an annualised 1.6% expansion and a surge of 3.7% in the core PCE price index, has significant implications for gold prices. As Chainwala explains, "Swap markets have pushed the first quarter-point rate cut to November, against previous expectations for September. Today, markets might take further cues from monthly PCE price index data." This analysis helps us anticipate the potential direction of gold prices.
Jateen Trivedi, VP Research Analyst—Commodity and Currency, LKP Securities, says, "Gold prices found support near Rs 70700 in MCX and $2315 in Comex, leading to a positive outlook with a recovery from Rs 70700 to Rs 71100. Market sentiment remains optimistic, focusing on the upcoming US PCE Price Index data scheduled for Friday, April 26. This data release is anticipated to provide further clarity on the direction of gold prices."
Gold prices hovered at Rs 71,594 per 10 grams on the MCX on Friday and hit an intraday low of Rs 71,212.
In the international market, prices hovered around $2,344.25 per ounce.
Silver hovered at Rs 82,557 per kg and hit an intraday low of Rs 82,529 on the MCX. In the international market, the price hovered around $27.69 per ounce.
Kaynat Chainwala, Senior Manager-Commodity research at Kotak Securities, provides valuable insights into the factors affecting gold prices.
She notes, "COMEX Gold prices closed marginally higher on Thursday, tracking weakness in the dollar index amid mixed economic data from the US. However, the yellow metal was under pressure from rising US treasury yields, which rose to above 4.7%, the highest since early November, as data prompted traders to scale back their expectations for Fed rate cut timing."
This expert opinion is crucial for understanding the current market dynamics.
The US economic data for Q1 2024, including an annualised 1.6% expansion and a surge of 3.7% in the core PCE price index, has significant implications for gold prices. As Chainwala explains, "Swap markets have pushed the first quarter-point rate cut to November, against previous expectations for September. Today, markets might take further cues from monthly PCE price index data." This analysis helps us anticipate the potential direction of gold prices.
Jateen Trivedi, VP Research Analyst—Commodity and Currency, LKP Securities, says, "Gold prices found support near Rs 70700 in MCX and $2315 in Comex, leading to a positive outlook with a recovery from Rs 70700 to Rs 71100. Market sentiment remains optimistic, focusing on the upcoming US PCE Price Index data scheduled for Friday, April 26. This data release is anticipated to provide further clarity on the direction of gold prices."