Stock Market Live Update: Opinion of Rahul Kalantri, VP Commodities at Mehta Equities
Gold and silver prices fell sharply from their record highs after the US President chose Kevin Wersh as the next Fed Chairman. Investors reacted negatively because Varsh was considered more aggressive on interest-rate policy than previous leaders. The decline was further supported by a stronger US dollar, higher treasury yields and good US inflation data (PPI and core PPI).
In India, the domestic premium in bullion got removed with no change in import duty in the Union Budget. There is a lot of volatility in the bullion market, but silver may find support near $68, while gold may remain around $4,510 this week.
Gold has support at $4655-4575, while resistance lies at $4840-4950. Silver has support at $74.8-69.75 while resistance is at $88.15-93.80.
In INR, gold has support at Rs 1,39,650-1,36,310 while resistance is at Rs 1,48,850-1,50,950. Silver has support at Rs 2,48,810, Rs 2,37,170, while resistance is at Rs 2,78,810-2,95,470.