The U.S. dollar is performing a little low and weak compared to other times, impacting the gold-silver price in the global and domestic markets. On the Multi Commodity Exchange (MCX), gold futures began marketing at Rs. 55917.00 per 10 grams, seen as almost 0.55% rise, whereas silver futures started trading at Rs. 65090.00 per Kilogram, with a slight decrease of 0.83%.
According to the reports, the U.S. dollar is getting weak because of the ongoing U.S. bank crises. Speaking of the crisis reasons, Anuj Gupta, Vice President ─ Research ─ said, “Gold and silver prices are in an uptrend due to the fresh bank crisis in the U.S. after PacWest Bancorp accepted that it was exploring strategic options, including a sale. This has sparked an economic slowdown in the U.S. economy, further weakening the U.S. dollar, which was already under sell-off stress post U.S. Fed rate pause indication.”
How Does It Impact Indian Rupee?
On this matter, the market expert Sugandha Sachdeva said-
“India and Russia’s suspension of talks for bilateral trading arrangements in Indian rupees may negatively impact the rupee in the short term. The decision to suspend talks comes as India has been importing discounted oil from Russia in huge quantities. Since Russia invaded Ukraine on Feb 24, 2022, our total oil imports have swelled to $51.3 billion as compared to 10.6 billion in the same period before the invasion.”
Gold-Silver Price Outlook
Anuj Gupta has given an outlook on gold and silver, saying-
“Gold rate today is standing at the support of ₹60,000, whereas its major support is placed at ₹59,500 levels. On the other side, the gold price is facing resistance at ₹62,200 levels. Similarly, the silver rate today has resistance at ₹80,000 per kg whereas, in the international market, the resistance lies at $27 per ounce.”
He further added that the gold price has a hurdle placed at $2,080 levels while it has support placed at $2,030 and $2,010 levels.
Let’s see when the U.S. Dollar will be back in its shape!