Gold Prices Remain Flat as Stronger Dollar and Higher Yields Weigh In
Gold and silver prices in India remained largely flat on Tuesday as the US dollar strengthened and bond yields rose, according to market experts. The Multi Commodity Exchange (MCX) saw gold futures for October trading at Rs 1,52,570 per 10 grams, up 0.01% or Rs 18. Silver futures for December were trading at 2,31,750 per kg, down 0.40% or Rs 940.
Experts noted that the relative strength index (RSI) for gold was near 45, below the neutral level of 50, indicating soft momentum in international prices. They also mentioned that immediate resistance for gold is at Rs 1,54,000-1,54,700, with a break above targeting the next resistance at Rs 1,56,300-1,57,000.
On the other hand, the dollar index rose 0.20% while the yield on the benchmark 10-year US Treasury briefly crossed 5%, its highest level since October 2023. Market experts also pointed out that silver's RSI was near 46, below the midline, indicating weakness in the domestic market.