. Gold & Silver Trading Analysis and Expert Insights - 25 May 2023

Gold & Silver Trading Analysis and Expert Insights

Gold & Silver Trading Analysis and Expert Insights

25 May 2023

Precious Metals Market Update: Gold Futures Remain Range-Bound, Silver Futures Experience Minor Decline.

Analysis of MCX and Comex Trading Figures and Expert Insights

In recent trading sessions, the prices of gold and silver futures have shown mixed movements, with gold remaining range-bound and silver experiencing a slight decline. The article provides an overview of the trading figures on MCX and Comex and an expert analysis of the current market conditions.

Gold Futures on MCX Show Minimal Increase

At 10:50 am, the June Gold futures on the Multi Commodity Exchange (MCX) were trading at Rs 60,221, indicating a rise of Rs 24 or 0.04% compared to the previous day’s closing price. Anuj Gupta, the Vice President of Commodity and Currency Research at IIFL Securities, noted that Gold futures had witnessed year-to-date gains of 9.60% or Rs 5,278, while the month-to-date gains stood at 0.51% or Rs 305.

Silver Futures on MCX Witness Minor Decline

Simultaneously, the July Silver futures on MCX were trading at Rs 71,860 per kg, reflecting a drop of Rs 304 or 0.42% around the same time. Despite this decline, the year-to-date gains for silver futures remained positive, although specific figures were not provided.

Comex Trading Figures for Gold and Silver Futures

On the Comex, a prominent commodities exchange, gold futures were trading at $1,979.80 per troy ounce, representing an increase of $5.30 or 0.27%. Conversely, silver futures on the Comex were priced at $23.575 per troy ounce, marking a decline of $0.049 or 0.21%.

Volatility and Bearish Sentiment Surrounding Gold

According to Praveen Singh, the Associate Vice President of Fundamental Currencies and Commodities at Sharekhan, gold has been confined to a broad range of $1,950 to $2,000, signifying increased volatility in the market. Singh further highlighted the current bearish sentiment in the near term, partly attributed to the deadlock surrounding the US debt ceiling.

Expert Insights and Market Outlook

Analysts and experts continue to closely monitor the precious metals market, assessing various factors that could impact their prices. While gold remains range-bound, ongoing uncertainties surrounding the US debt ceiling discussions may exert bearish pressure in the short term. Additionally, market participants are observing silver futures, which experienced a minor decline on MCX.

Conclusion

The recent trading figures for gold and silver futures on MCX and Comex highlight the mixed movements in the precious metals market. Gold futures remained range-bound, with minimal gains observed on both year-to-date and month-to-date bases. Silver futures, on the other hand, saw a slight decline on MCX. Expert insights suggest that gold’s volatility and bearish sentiment, influenced by the US debt ceiling deadlock, may impact the metal’s short-term performance. Traders and investors are advised to closely monitor these market conditions as they make informed decisions.