“For now, the geopolitical developments in the Persian Gulf are of secondary importance to gold. Gold instead is teeing off on a weaker dollar, which notably is not moving up despite the fact that US rates are going higher,” Marex analyst Edward Meir said.
Gold is supported “as US fiscal pressures continue to undermine confidence in the long-term value of government debt and the currency used to finance it,” Daniel Hynes, senior commodities strategist at ANZ, said in a note.
On MCX, at Rs. 1,52,500 and Rs. 1,51,650 and resistance at Rs. 1,54,400 and Rs. 1,55,500, while silver has support at Rs. 2,41,400 and Rs. 2,39,100 and resistance at Rs. 2,45,800 and Rs. 2,48,000.
