Stock Market Live Update: Opinion of Rahul Kalantri, VP Commodities, Mehta Equities
Gold and silver prices reached new record highs as global uncertainty increased amid rising trade war tensions. Further support came after the US Supreme Court postponed its decision on the legality of Trump-era tariffs. A sharp selloff in global equity markets triggered by new geopolitical concerns, including US ambitions towards Greenland, prompted investors to turn to safe-haven assets.
Bullion prices were further supported by a rise in US 10-year bond yields, driven by heavy selling in Japanese bonds. Meanwhile, continued weakness in the Indian rupee provided further upside support.
Gold has support at $4695-4625 while resistance is at $4820-4860. Silver has support at $92.10-89.75 while resistance is at $95.95-97.40. In INR, gold has support at Rs 1,49,050-1,47,310 while resistance is at Rs 1,51,950-1,54,470. Silver has support at Rs 3,05,810, 2,92,170 while resistance is at Rs 3,30,810, 3,35,470.