Mumbai, 10 May (CommoditiesControl): Gold and silver prices surged on Friday as investors anticipated a potential Federal Reserve interest rate cut in response to recent economic data. Thursday's report showing an unexpected increase in US unemployment claims bolstered speculation of an impending easing cycle by the Fed. Gold, known for its appeal in low-interest-rate environments, surged alongside silver, supported by robust investment activity and escalating geopolitical tensions.
Meanwhile, stalled Middle East ceasefire talks and escalating Ukraine tensions boosted gold's risk premium.
MCX gold mirrored this trend, rising 1.31% to trade at 72575, with a potential target at 73350. Long Buildup in June and August futures contracts suggest bullish sentiment, with support at 71800.
In tandem, MCX silver rose by 1.14% to trade at 85460, nearing its recent all-time high of 86000. Silver's gains mirrored those of gold, with support at 84000. The continuous uptrend may propel silver prices towards the 86000 mark, signaling strong momentum in precious metals markets.
(By Commoditiescontrol Bureau; +91-9820130172)
0 Comments 
Post Comment 
