There is a decline in gold and silver today. There is pressure on gold and silver to increase the bond yield before the meeting of US Federal Reserve. Talking about the spot markets, the lockdown in the states like Maharashtra, MP, Delhi, Karnataka has significantly affected the retail jewelery demand. The way corona cases are increasing, there is no possibility of a lockdown opening soon. Next month is the festival of Akshaya Tritiya, in such a situation, how will the situation of demand be our focus.
Here, before the crucial meeting of OPEC +, crude oil is trading strongly. It is expected that OPEC will not make any changes in its decision to increase production. On the other hand, there is profit-booking in base metals today.
Fall in gold
Gold on MCX is trading near the Rs 47,000 per 10 gram level. Gold is showing weakness due to increase in Treasury Yield in America. Gold has declined due to strong dollar. The decision of the US Federal Reserve is awaited. US GDP figures are also being watched.
Sharp fall in silver
Silver has reached close to 68,000 on MCX. Silver slips due to increase in bond yield in US. Silver remains under pressure from the dollar.
Lethargy in crude
Crude is trading in a small range before the OPEC + meeting. The decision to increase production of OPEC + is not expected to change. OPEC + wants to increase production by 1.5 mbpd by July. There is concern over the increasing cases of corona in India. Increasing reserves in the US is seeing pressure at the upper level. Negotiations have started again on Iran’s nuclear deal.
Profiteering in metals
Copper has slipped from record levels on MCX. LME copper has slipped from the 11-year high. Strong dollar, profit booking are showing weakness. Metals are getting support from China’s good growth figures. Base metals are getting support from the infra package of the US. The strike has disrupted supplies in Chile.
Investment advice by Sunil Katke of Axis Securities
Buy Gold June at 47000 SL 46750 Target 47400
Buy SILVER MAY at 67900 SL 67500 Target 68600
Sell Crudeoil at 4700 SL 4740 Target 4630
Buy COPPER MAY 750 SL 746 Target 760
Sell Soyabean at 6970 SL 7030 Target 6830
Investment advice by Jay Prakash Gupta of Moneylicious Capital
Buy Copper 744 SL 738 Tgt 756
Buy Crudeoil 4680 SL 4620 Tgt 4820
For social media updates, we need Facebook (https://www.facebook.com/moneycontrolhindi/) And Twitter (.).