Gold prices today: Yellow metal prices fall by Rs 2,400 in last 7 days, silver above Rs 94,500/ kg

Gold prices on Tuesday fell by Rs 2,433 from a high of Rs 74,442 per 10 grams on May 20 to Rs 72,009 per 10 grams on May 27. MCX gold June futures today opened flat, down by Rs 98 at Rs 71,911 per 10 grams while July silver contracts opened at Rs 94,640, up by Rs32 or 0.03%.

Gold held its gains as traders anticipated US inflation data this week, which could impact the timing of the Federal Reserve's decision to cut interest rates. After rising 0.7% on Monday, gold remained steady.

The focus is now on the US central bank's preferred inflation measure, due Friday, expected to show a slight decrease in price pressures. This could support the case for US rate cuts later this year, benefiting gold, which doesn't yield interest.

Additionally, gold has gained support as bullish sentiment for the US dollar fades, with signs of a cooling US economy. Some investors have increased their net short positions on the dollar for the first time in six weeks.

Today, the US Dollar Index, DXY, was hovering near the 104.42 mark, rising 0.18 or 0.17%.

“MCX Gold (JUNE) in the daily timeframe is currently trading above its rising trend line, near the trend line support, and has formed a bullish candlestick pattern. If it sustains above 72,090, which coincides with the 21 EMA, we can expect an upward move. Key resistance levels to watch are at 72,300 and 72,900, while support levels are at 71,400 and 70,700,” said Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies.

Intraday strategy by Neha Qureshi:

– Buy MCX JUNE Gold futures at Rs 71900 with a stop loss of Rs 71400 and a price target of Rs 72500

– Buy MCX JULY Silver futures at Rs 94600 with a stop loss of Rs 93600 and a price target of Rs 96600

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)