Stronger dollar drags gold prices@HighLight Updates
Gold prices started this week with a positive sentiment amid global geopolitical tensions. On Monday, gold prices opened above the support level of 31,300. The positive news about Rusal sanctions from the US as well as the surge in bond yields boosted the dollar index. The greenback index hit a five-month high, which lowered the appeal for gold and Gold Comex prices corrected more than 1%.
As the week progressed, market sentiment turned negative for the precious metal.
Going forward, strong support can be seen near $1,308-levels in Comex. A daily close below the prescribed level may drag gold prices lower towards $1,300-levels.
As far as MCX gold price is concerned, it was able to sustain above the strong support level of 31,100 because of a weaker rupee and acted as a cushion for gold prices.
A daily close below 31,100-levels will be negative for gold and prices may correct down until 30,850-levels.
As the week progressed, market sentiment turned negative for the precious metal.
Going forward, strong support can be seen near $1,308-levels in Comex. A daily close below the prescribed level may drag gold prices lower towards $1,300-levels.
As far as MCX gold price is concerned, it was able to sustain above the strong support level of 31,100 because of a weaker rupee and acted as a cushion for gold prices.
A daily close below 31,100-levels will be negative for gold and prices may correct down until 30,850-levels.
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