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Taking cues from the global price trends, the MCX April gold futures were trading at 62,504 per 10 grams at 9:20 am, down Rs 70 or 0.11%, the March Silver contracts were down by Rs 179 or 0.25% at Rs 70,415 per kg.
Taking cues from the global price trends, the MCX April gold futures were trading at 62,258 per 10 grams at 9:10 am, down Rs 58 or 0.09%, and the March Silver contracts were down Rs 45 or 0.06% at Rs 70,435 per kg.
While the MCX April gold futures were trading at 62,900 per 10 grams at 10:30 am, down Rs 65, the March Silver contracts were down Rs 53 or 0.07% at Rs 72,165 per kg.
On the daily chart, MCX April Gold futures have given a breakout of its descending channel forming higher high and higher low while the MACD has given a positive crossover indicating bullish sentiments. Moreover, the 21-day EMA 21 and the 50-day EMA suggest a bullish outlook and RSI is forming a higher high and higher low pattern which adds to her bearish outlook.
In general, despite some dollar strength, the gold market is really being supported by the ongoing belief in rate cuts and the lower yields we've seen since yesterday.