Gold Prices Stabilize Near ₹1.5 Lakh Support Amid Economic Indicators
Commodity Radar: As gold holds near Rs 1.5 lakh support, NFP data to decide next breakout. Buy-on-dips strategy emerges
The Economic TimesImage: The Economic Times
Gold prices are stabilizing around ₹1,50,400 after a mild correction, with key support levels identified between ₹1,50,000 and ₹1,50,200. Upcoming US Nonfarm Payrolls data could significantly influence price direction, with analysts recommending a buy-on-dips strategy.
- 01Gold prices are currently around ₹1,50,400, showing signs of stabilization.
- 02Key support levels are between ₹1,50,000 and ₹1,50,200.
- 03US Nonfarm Payrolls data is expected to impact gold prices significantly.
- 04Analysts suggest a buy-on-dips strategy with a target of ₹1,53,500.
- 05Rupee volatility is a crucial factor in gold price movements.
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Gold prices are currently trading at approximately ₹1,50,400, following a brief corrective phase. The metal has shown weakness due to inflation concerns and stalled negotiations between Iran and the US. On Monday, June gold futures dropped by ₹1,260 or 0.8% per 10 grams, reaching a low of ₹1,50,093. Analysts from LKP Securities note that the upcoming US Nonfarm Payrolls (NFP) data will be pivotal in determining gold's direction. Historically, strong NFP data tends to support the US dollar and apply downward pressure on gold, while weak data can lead to increased gold prices due to expectations of interest rate cuts. Technical indicators suggest that gold is consolidating above short-term support levels, with immediate support between ₹1,50,000 and ₹1,50,200, and major resistance at ₹1,53,500. Analysts recommend a buy-on-dips strategy in the range of ₹1,50,000 to ₹1,50,200, with a stop loss set at ₹1,48,000 and a target of ₹1,53,500.
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Fluctuations in gold prices can affect investment decisions and savings for individuals holding gold or investing in gold-related assets.
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