Gold rate today: Gold prices are up over Rs 5,000 from recent lows, but will the rally sustain?

Gold rate today: Gold June futures at MCX initiated trading with a modest increase of Rs 113 or 0.12% at Rs 96,050/10 g, following a decline in the previous session. Gold prices are up Rs 5,160 from their recent low of Rs 90,890/10 grams recorded on May 15.Silver July futures began trading nearly unchanged at Rs 98,045/kg, showing a marginal rise of Rs 42 or 0.04%.In the domestic market on Monday, both precious metals concluded positively, despite mixed results internationally. Gold June futures settled at Rs 95,937 per 10 grams, declining by 0.50%, whilst silver July futures finished at Rs 98,003 per kilogram, dropping by 0.05%.Both metals experienced a slight retreat following substantial gains from the previous week, influenced by the US President’s decision to delay trade tariffs on the European Union.Trading volumes remained low due to the Memorial Day holiday in US markets, resulting in modest profit-taking for both metals. The dollar index continued its downward trend, falling below 99 points to reach one-month lows.The US Dollar Index (DXY) registered a decline of 0.25 or 0.26%, settling near 98.86.“Weakness in the dollar index, geopolitical tensions, and global uncertainty is supporting safe-haven buying for precious metals,” said Manoj Kumar Jain of Prithvifinmart Commodity Research according to an ET report.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, volatility in the global bond markets and geo-political tensions; gold prices could hold its support level of $3,200 per troy ounce and silver prices could also hold $31.80 per troy ounce levels on a weekly closing basis,” he added.Trading Strategy for Gold:Manoj Kumar Jain provided the following price levels for MCX:* Gold’s support levels are positioned at Rs 95,400-94,950, whilst resistance stands at Rs 96,650-97,200* Silver’s support levels are at Rs 97,200-96,650, whilst resistance is placed at Rs 98,850-95,500Jain recommends purchasing both gold and silver during price dips. He anticipates gold to trade within Rs 94,800-96,650 and silver within Rs 96,650-99,500 during the current session.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)