Even before this, after the weak employment data in the US, gold and silver prices showed weakness. Gold futures for April stood at $ 1,826.80 per ounce. Whereas, silver futures for the month of March was $ 27.04 an oz. The domestic market is also seeing weakness in both the metals.
How much gold price can remain?
“There was weakness in gold and silver due to profit-booking in the US equity market and the rise in bitcoin,” said a person. However, weakness in the dollar index, US stimulus package, and signs of prolonged liberal monetary policy by the US Federal Reserve Chairman have supported the price of precious metals. He said that it is estimated that the price of gold in the international market can be around $ 1,800 per ounce. Gold price on MCX will be around 47,200-47,055. During this time the residency level will be around 47,800-48,100. Silver will be priced around 68,100-67,400, while its resistance level will be around 69,100-69,800.
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Gold can be supported due to these reasons
However, experts say that in the hope of a Lunar New Year in China, the price of gold can see a rise. However, after the import duty by the Government of India, the increase in demand can support the price of gold. The trend of investors in Gold ETFs has also decreased.