Gold, silver prices on April 19: Steady yellow metal trading amid rate cut hopes, Iran-Israel tensions

Gold prices were hovering on the MCX on Friday at Rs 72718 per 10 grams, hitting an intraday low of Rs 72,431. In the international market, prices hovered around $2,372.86 per ounce.

Silver was priced at Rs 83,795 per kg with an intraday low of Rs 83,054 on the MCX. The price globally hovered around $28.20 per ounce.

Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services, said, "Gold traded steady after witnessing sharp swings in the early morning session on the back of updates regarding the Israel and Iran tiffs."

Israel retaliated by launching missiles on Iran; however Iran quickly clarified that the attacks did not cause much damage, triggering volatility in the market. 

The dollar index eased slightly in the previous session, falling from 106 levels; however, retaliation updates from Israel supported a safe haven rally once again.

US 10-yeqr Yields have also eased from recent high of around 4.7% mark. US weekly jobless claims were unchanged at low levels last week, showcasing a strong labour market.

"Strong U.S. economic data and hawkish rhetoric from Fed officials have prompted investors to drastically rethink the chances of the Federal Reserve cutting rates any time soon. Bets for a pause in the month of June have completely reversed, market participants are now pricing in more than 90% probability for a pause. No major economic data points are expected to release from the US today, however focus will be on comments from Fed officials and geo-political tensions," said Damani.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "Gold prices were in the green at Rs 72650, up by Rs 120, as Comex Gold demonstrated strength from lower levels around $2350. However, significant resistance is observed at the $2400 mark, limiting further gains. Ongoing geopolitical tensions in the Middle East are expected to keep gold volatile. In the event of an escalation in the situation, the dollar may find support, dampening gold prices. Conversely, if tensions ease between Iran and Israel, gold could experience profit booking, potentially driving prices down towards Rs 69,500."