Gold prices saw a rebound in the domestic futures market on Wednesday after an early decline, driven by persistent global uncertainty. The MCX Gold April 4 contracts were up by 0.24%, trading at ₹87,763 per 10 grams as of 11:50 AM.
Key Factors Driving Gold Price Movement
Global Uncertainty: Continued uncertainty surrounding US President Donald Trump’s tariff policies is providing significant support to gold. Geopolitical tensions, particularly with Russia and Ukraine, are also adding to gold’s safe-haven appeal.
US Economic Data: A drop in US consumer confidence, with the Conference Board’s consumer confidence index falling by 7.2 points to 92.9 in March, is signaling potential economic slowdown. This weaker sentiment is another factor supporting gold prices.
Geopolitical Developments: Positive moves in the Russia-Ukraine conflict, including deals to pause attacks and potential easing of sanctions on Russia, could keep geopolitical uncertainty elevated, boosting gold’s appeal.
Expert Insights: Key Levels for Gold and Silver
Experts have outlined key support and resistance levels for gold and silver:
Gold (MCX):
Support: ₹87,300 – ₹87,040
Resistance: ₹87,850 – ₹88,100
Silver (MCX):
Support: ₹98,400 – ₹97,700
Resistance: ₹1,00,000 – ₹1,01,200
Global Gold and Silver Levels:
Gold (Spot):
Support: $3,034 – $3,022
Resistance: $3,068 – $3,080
Silver (Spot):
Support: $33.80 – $33.55
Resistance: $34.44 – $34.80
Trading Strategy:
Silver: Experts recommend buying silver around ₹98,500 with a stop loss at ₹97,650 for a target of ₹1,00,000.
Gold: Support for gold is seen at ₹87,340-87,080, with resistance at ₹87,710-87,900. Global gold prices also have support at $3,000-2,982 and resistance at $3,044-3,060.
Given the volatile nature of the markets, especially with the ongoing trade concerns and geopolitical uncertainties, gold and silver prices are expected to remain volatile. Investors are advised to watch for any new developments in US trade policies, inflation data, and geopolitical tensions that could further influence price trends.
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