Gold Prices Surge 1.36% Near Rs 1.52 Lakh, Silver Gains 2.54% Amid Dollar Weakness and Lowering Brent Crude

Precious Metals Trade Higher Amid Weaker Dollar and Lower Oil Prices

On May 6, the international spot gold market traded 1.41 percent higher to $4,632.90 per ounce on early Comex trade, while silver inched 2.49 percent up to $75.41 per ounce.

Domestically, the gold futures for June delivery traded 1.36 percent higher to Rs 1,51,788 per 10 grams of 24-karat purity on MCX. Silver futures for July delivery inched 2.54 percent up to Rs 2,50,525 per kilogram.

The market movement was largely driven by a decline in Brent crude prices and a weaker dollar. Brent crude for July delivery dropped $1.52 to $108.35 a barrel, while US West Texas Intermediate crude for June fell $1.50 to $100.77.

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

The market sentiment remains cautious, with broader market movement dependent on the dollar and yield reactions to upcoming economic data. According to Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, the key focus this week will be on US unemployment and non-farm payrolls, which will shape interest rate expectations and near-term direction in gold.

Technically, support is seen near Rs 1,49,000, while resistance is placed around Rs 1,51,500, with $4,500 acting as a key base support on the international side.