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Gold Cheaper: Five Key Trigger Points to Move Yellow Metal Next Week

Today’s gold will be cheaper! The price of 10 grams of 24 carats of gold is $ 50,450 on Saturday. Futures prices tracked a decline as the dollar strengthened, the Indian rupee weakened, and Treasury yields rose. This week there are concerns about inflationary pressures, rising interest rates and the uncertainty of Russia’s and Ukraine’s aggression affecting the economy. Growth has led to the transfer of money from precious metals, but next week, bullion sentiment will revolve around many factors, from crude oil prices to a speech by the US Treasury chair.

In India, the price of 10 grams of 24 carats of gold is 50,450 down 220 since last closing 50,670.On the other hand, 100 grams of gold of the same carat 2,200 ~ 5,04,500 from the day before 5,06,700.

Meanwhile, 22 carats of gold are available at 46,250-down at 10 grams 200 from the day before 46,450.100 grams of gold of the same carat 4,62,500 low 2000 from the day before.

Meanwhile, silver has become expensive today at the price of 1 kgg of this metal. Up to 59,400 700 grams from the day before. 10 grams and 100 grams of silver are available at. 594 and It is 5,940 higher than the day before.

According to the PTI report, the closing price of the bullion on Saturday was-standard gold [99.5 purity] so 51,900 per 10 grams, ornament gold 4,840 per gram, and Silverspot [.999 fineness] so 61,400 per kg.

Gold futures that will expire on June 3rd at the MCX on Friday Closed at 265 or 0.53% 49,909.On the other hand, silver futures that mature on June 5th Ends at 631 or 1.07% 59,382.

Next week, Sugandha Sachdeva, Vice President of Commodities and Monetary Research at Religare Broker, lists five key factors to move the bullion’s sentiment.

“Various factors will influence gold price fluctuations next week, and the main catalyst is the greenback movement. First, a further rise in the US dollar will have a negative impact on gold prices, but the same thing,” said Suganda. It will lead to new buying motivation for gold. Second, crude oil trends will affect inflation expectations and thereby gold prices. Regarding the third variable, markets are Russia and Ukraine. Will pay close attention to the further development of the war. “

Regarding the fourth and fifth factors, Mr. Suganda said, “The exchange rate of rupee dollars will also attract the attention of investors. In addition, the speech of the federal chairman from the United States and the data of retail sales are further clues to the gold price. Will provide. “

Regarding Rupee, Anuji Gupta, vice president of research at IIFL Securities, said: Domestic market. Therefore, the rupee vs. the dollar will act as a domestic trigger for yellow metal. “

“US retail sales data will have a direct impact on the dollar index, in which case profits in the US dollar could lead to demand for gold in the short term if the data are disappointing,” Gupta added. Apart from this, lower US retail price sales data could negatively impact US inflation and support gold prices. “

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