Gold close to $4,700 and ₹1.51L as traders cover
Gold prices just climbed, with COMEX gold close to $4,700 per ounce and MCX gold around ₹1.51 lakh.
The main reasons? Hints of U.S.-Iran talks and falling oil prices.
Still, experts say this jump is mostly from traders covering their positions, and the market could stay shaky as long as geopolitical risks, especially near the Strait of Hormuz, stick around.
Axis Securities warns selling around ₹1.53L
Axis Direct reports MCX gold at ₹149,981 (up 1.85%), showing a mild upward trend for now.
But Axis Securities points out that gold hasn't broken key technical barriers yet—the price remains below the 9-period EMA, and RSI is below 60—which means selling near ₹1.53 lakh could push prices back down toward ₹1.48 lakh if things don't stabilize.
MCX silver ₹2.33L trading sideways
MCX silver is at ₹233,379 and moving sideways in a pretty volatile market.
Prices are stuck below resistance at ₹2.55 lakh, so while there might be quick wins for traders, overall things remain unpredictable thanks to ongoing global uncertainties.