New Delhi. While gold prices fell on MCX this Friday morning, silver rates increased. The impact of the prospects of Iran-US peace agreement was visible on the market. On MCX, gold was down 0.04% at ₹1,53,086 per 10 grams at 9:05 am. Whereas, an increase of 0.34% was recorded in the rate of silver and it reached ₹ 2,49,469 per kg.

On the other hand, gold is in profit in the international market for the fourth consecutive week. Gold is gaining strength due to expectations of Iran-US peace agreement and signs of falling inflation. In Singapore this morning, spot gold was up 0.1% at $4,796.05 an ounce, while silver was up 0.5% at $78.83 an ounce.

How does a weak dollar affect gold?
According to Bloomberg, the US dollar is weakening. It is in decline for the second consecutive week and reached a 6-week low in the previous session. A weak dollar makes gold cheaper for foreign buyers.

Gold rates are expected to remain limited in the range of ₹1,52,500-₹1,56,000
“Gold is still trading with a volatile bias, reacting sharply to crude oil, dollar and geopolitical updates. In the near term, gold is expected to remain range bound in the range of ₹1,52,500-₹1,56,000,” said Manoj Kumar Jain, Prithvifinmart Commodity Research.

He said the support of gold per troy ounce in the international market was at $4,774 and $4,740, while the resistance was at $4,840 and $4,884. Silver’s support levels are at $76.60 and $74 and resistance at $80.40 and $82.80.

On MCX, gold’s support is at ₹1,52,500 and ₹1,51,100, while resistance is at ₹1,54,200 and ₹1,55,000. Silver’s support is at ₹2,45,500 and ₹2,42,000 and resistance at ₹2,51,500 and ₹2,55,000.

What should investors do?
Jain has advised to buy if gold falls. He said, “We adopt the strategy of Buy on Dips till the time the prices remain above ₹ 1,48,800 level. The targets for this are ₹ 1,55,000 and ₹ 1,57,000. For silver, the same strategy will continue till the prices remain above ₹ 2,41,000, for which the targets are ₹ 2,55,000 and ₹ 2,61,000.” Are.”