Commodities
Gold Prices Face Resistance Amid Rising Yields and Strong Dollar
The outlook for gold and other metals is uncertain due to rising US treasury yields and a strong dollar. Spot Gold is expected to face resistance at $4,500 and dip towards $4,400, according to ICICI Direct.
MCX Gold October may also experience resistance near Rs 159,000 before dipping towards Rs 155,000 or Rs 154,000. Meanwhile, MCX Silver December is predicted to trade in a wide range between Rs 235,000 and Rs 245,000.
Copper prices are expected to decline on profit booking and a strong dollar. MCX Copper September may face resistance near Rs 1,400 before dipping towards Rs 1,385 or lower. However, renewed tension in the Middle East could provide support to copper prices.