Discover why gold prices are dropping in India and globally, influenced by a strong US dollar and easing trade tensions. Learn about key price levels and investment opportunities for gold and silver ahead of the wedding season.
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Gold Prices Drop in India’s MCX Market
Gold prices in India took a hit on Friday morning, with MCX Gold June 5 contracts falling by 0.41% to ₹92,790 per 10 grams around 10:10 AM. This drop is linked to a stronger US dollar and reduced fears of a global trade war, which are lowering demand for gold, a safe-haven asset.
Global Gold Prices See Steep Decline
According to Reuters, international gold prices are on track for their biggest weekly drop in six months. This comes after the US announced trade deals with the UK and China, with hints of more agreements to come. These developments have eased concerns about trade conflicts, reducing the need for gold as a safe investment.
Yesterday MCX Gold Tips
Why Is Gold Losing Its Shine?
Several factors are pushing gold prices down:
- Easing Trade Tensions: The US’s new trade deals with major partners like the UK and China have calmed fears of a trade war, lowering demand for gold.
- US Federal Reserve’s Stance: The Federal Reserve is less likely to cut interest rates soon, as inflation in the US is nearing its 2% target. This strengthens the US dollar, making gold less attractive.
- US Economic Strength: Federal Reserve Governor Michael Barr noted that the US economy remains robust, despite uncertainties from trade policies. The US Consumer Price Index (CPI) rose by just 2.3% year-on-year in April, the smallest increase since February 2021.
Gold and Silver Prices in India
In India, spot gold prices have fallen 2% in May so far, but gold is still up by over 21% this year. Aksha Kamboj, Vice President of the India Bullion and Jewellers Association, explained, “Global gold prices are at their lowest in a month. Factors like US-China trade issues, the Russia-Ukraine conflict, and stock market volatility are calming down, affecting gold prices in India too.”
Investment Opportunity for Gold Buyers
Neal Bhai, a market expert, sees the price drop as good news for Indian gold buyers, especially with the wedding season approaching. “Lower prices are a great chance for those looking to buy physical gold for long-term investment,” he said. However, he warns that higher US bond yields and reduced expectations of rate cuts could keep pressuring gold prices, including on the MCX.
Key Price Levels for Gold and Silver
Experts have shared important price levels to watch:
- ✅MCX Gold (in INR): Support at ₹92,100, resistance at ₹93,900.👈👈👈
- ✅MCX Silver (in INR): Support at ₹94,750, resistance at ₹96,555.👈👈👈
- ✅Global Gold (in USD): Support at $3,195–3,175, resistance at $3,248.👈👈👈
- ✅Global Silver (in USD): Support at $31.80, resistance at $33.20.👈👈👈
MCX Silver, Expert Trading Tip
Neal Bhai suggests, “Buy silver around ₹95,100 with a stop loss below ₹94,400, aiming for a target of ₹96,333–97,500.”
Should You Invest in Gold or Silver Now?
With gold and silver prices dipping, this could be a golden opportunity for investors and buyers in India, especially ahead of the festive and wedding season. Keep an eye on global economic trends and MCX price levels to make informed decisions.
✅ Disclaimer: Goldsilverreports.com provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
