GOLD PRICES TODAY: YELLOW METAL AT RS 71,350/10 GRAMS, SILVER AT RS 82,883/KG

Gold prices today: Gold and silver prices opened with little movement on the Multi Commodity Exchange (MCX) on Tuesday following a weakening of the US dollar after softer-than-expected US jobs data. Gold June futures dropped slightly by Rs 19, or 0.03%, to Rs 71,350 per 10 grams, while MCX July silver contracts fell by Rs 72, or 0.09%, to Rs 82,883 per kilogram.

According to ET, gold prices rose by 0.99% yesterday, closing at 71,369, while silver prices increased by 2.36%, closing at 82,955. According to the World Gold Council, global central banks continued to purchase gold, adding 16 metric tonnes in March, bringing total acquisitions to 290 tonnes in the first quarter of this year.

Gold prices are also receiving support in India due to the upcoming festival of Akshaya Tritiya, a time when many people traditionally buy gold.

In the US, spot gold increased by 1% to reach $2,324.94 per ounce by 2:00 PM ET (1800 GMT). US gold futures for June delivery went up by 0.9% to settle at $2,331.2 per ounce. Today, the US Dollar Index (DXY) was around 105.18, up by 0.13 points or 0.13%.

Anuj Gupta, head of Commodity & Currency at HDFC Securities, was quoted as suggesting, "We are expecting that gold and silver prices may move to the positive side due to demand and weakness in the dollar. Gold may test $2045 to $2050 levels and silver may test $28 levels very soon.”

According to Rahul Kalantri, VP Commodities at Mehta Equities, the support and resistance levels for gold and silver are as follows:

- Gold has support at Rs 71,120 and Rs 70,880, with resistance at Rs 71,540 and Rs 71,720.

- Silver finds support at Rs 82,340 and Rs 81,780, while resistance is expected at Rs 83,840 and Rs 84,380.