The move of August Gold futures on MCX looks flat. Gold prices are getting some support from positive sentiments in the global market. On the back of weak US dollar, there is some rise in the spot price of gold in the international market. Apart from this, lower-than-expected inflation data in the US has also strengthened the sentiment and the fear of premature reduction in relief measures from the Fed has reduced.
There has been a weakness of 0.1 percent in the dollar index. Due to which the price of gold in other currency has become somewhat cheaper. A Reuters report said that there has been some stagnation in consumer spending rates in the US in May. At the same time, the personal consumption spending index has also been lower than expected.
In today’s morning trade at around 9.30 am, the August gold contract on MCX was trading at Rs 46,957 per 10 grams with a marginal gain of 0.07 per cent. On the other hand, July Silver Future was trading at Rs 68,011 per kg with a gain of 0.20 per cent.
On Friday, the prices of gold and silver in the international market closed with a slight increase. Gold’s August futures contract was settled at $1,781.70 an ounce. On the other hand, silver’s July futures contract was settled at $26.18 an ounce.
In the international market last week, the prices of gold and silver were seen in a narrow range. The US Fed expressed the possibility of an interest rate hike, the impact of which was seen on these metals.
Manoj Kumar Jain of Prithvifinmart Commodity Says that we expect that this week there will be volatility in gold and silver. On any downside, one should buy near the lower level. There is support for gold around $1768-1755. On the other hand, there is a resistance around $ 1792-1808 an ounce, while there is support for silver around $ 25.80-25.55 an ounce. At the same time, there is a resistance around $ 26.50-26.84 an ounce.
On domestic market he said buy for gold in gold around 46770 with stoploss below 46550 for target of 47100. On the other hand, buying should be done in silver around 67400 with stoploss below 66900 for target of 68500.
Reliance Securities के Sriram Iyer Says that Gold August Future on MCX in the domestic market has strong support around 46800. From here an increase of up to 47000-47200 can be seen in it.
He further said that if MCX Silver July futures trade above 67500 then this momentum can take it towards 68200-70000. There is support for silver at the level of 67000-65800.
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