Gold Prices Shine On BJP 3.0: Yellow Metal Prices Jumps By Rs 6,809 In 24K/100 Grams In Souk Market; Outlook!

India has selected its Prime Minister, and BJP party-led by Narendra Modi will be taking oath for their third reign. Amidst this, gold prices have glittered impressively. Not just in India, gold prices were shining in the souk market of Dubai in Indian rupee. In a matter of two days, 24K of 100 grams has risen by Rs 6,809 in the emirate city.

On June 5, 24K of gold surged by as high as Rs 2,271, and 22K climbed by Rs 1,703.

On the previous day, gold was up by Rs 3,970 in 22K and Rs 4,538 in 24K.

Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services said, "Gold is still confined in a 800/1000 point range for the eight straight session, while U.S. dollar index trades steady above support at 103.8. Focus ahead will be on the European Central Bank policy meeting on Thursday and the U.S. NFP data of Friday. Technically, support holds at 71450/ 70800, while on the upside resistance is seen at 72500/ 72650."