Gold and Silver Futures Show Volatility

Gold June futures on MCX opened lower on Friday, marking a decrease of Rs 314 or 0.34% to Rs 92,855 per 10 grams, after a positive close in the previous session. This week, gold prices have seen a significant drop of Rs 3,750, highlighting the metal's volatile nature.

Similarly, Silver July futures started on a weaker note, declining by Rs 826 or 0.84% to Rs 97,292 per kilogram.

Recovery Amidst Economic Indicators

Despite initial drops due to improving US-China trade relations and potential US-Iran nuclear agreement discussions, both precious metals recovered. This rebound was supported by mixed US economic indicators and profit-taking in the dollar index.

Expert Insights: "Gold prices tested their key support level of $3140 per troy ounce but held on a closing basis, with silver also recovering amid easing U.S. PPI data," noted Manoj Kumar Jain of Prithvifinmart Commodity Research.

Trading Guidelines and Market Outlook

Jain provided specific support and resistance levels for both gold and silver, suggesting strategic entry points for traders. He emphasized the potential for continued volatility, influenced by the dollar index and US inflation expectations.