Today, there is a big upset in silver, this movement in gold, know how much sentiment on June 4
The price of silver in the national capital recorded a strong rise on Wednesday. On June 4, silver was priced at Rs 1,02,100 per kg (including all taxes) with an increase of Rs 1900 per kg directly in a day. According to PTI news, in addition, the price of gold increased by Rs 260 to Rs 99,260 per 10 grams. The yellow metal of 99.5 percent purity rose by Rs 100 to Rs 98,700 per 10 grams (including all taxes). Giving this information, the All India Bullion Association said that this trend was seen today amidst strong signals in global markets.
Why did gold support support
According to the news, Senior analyst in HDFC Securities, Soumil Gandhi said that due to frequent trade-related uncertainties, gold showed a slight positive stance on Wednesday, as well as economic concerns and geopolitical risks continued to support the safe-colored appeal of precious metal. Also, silver closed at Rs 1,00,200 per kg in the last market session.
On the global front, the spot gold increased by $ 9.43 an ounce or 0.28 percent to $ 3,362.6 an ounce. In April, central banks added a total of 12 tonnes of gold to the global reserves. However, the purchase speed has slowed down, which is 12 percent less than the previous month. Gandhi said that despite the decline in purchase, the central banks will continue to add gold to their reserves.
Gold under pressure in international market
Gold remained under pressure in the second consecutive session on Wednesday. Prices were seen around $ 3346. Market participants are monitoring the levels of $ 3310.48 and $ 3277.91, with a 50-day moving average acting as an important line in $ 3248.60 sand. Despite the re-growing of the US-China trade tension, the US dollar remains roughly directionless, which has limited the chances of gold moving upwards. At the beginning of the week, safe investment flow raised the metal up, but the current market inducement has kept gold in a limited scope. The markets are now fully focused on upcoming American labor data, especially Friday’s non-agricultural pay data.
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