Gold Price Today: Yellow metal rises by nearly Rs 900 in one week, silver up by Rs 2,300
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Synopsis
Gold and silver surged, with MCX gold August futures at Rs 72,455/10g and silver September futures at Rs 92,171/kg. Key influences were a weak US Dollar Index, Independence Day, job reports, geo-political tensions, dovish Fed comments, and international profit-taking. Volatility expected; Jain suggests buying gold on dips around Rs 72,100, sets support/resistance levels.
Gold and silver showed mild profit-taking in the international markets after a solid rally in the previous session. The U.S. market was closed due to the Independence Day holiday and it was a thin volume session. Traders also booked profits ahead of the U.S. job reports. However, overall factors are working in the favour of gold and silver.
Today, the US Dollar Index, DXY, was hovering near the 105.6 mark, falling 0.07 or 0.07%.
The U.S. economic data released this week was weaker than expected, geo-political tensions are escalating in the middle-east and the U.S. Fed Chairman’s comments were also more dovish than expected. Gold and silver could maintain their bullish momentum in the upcoming sessions.
“We expect gold and silver prices to remain volatile in today’s session ahead of the U.S. job reports,” said Manoj Kumar Jain of Prithivifinmart Commodity Research.
Intraday range by Manoj Kumar Jain:
Stocks Recommendations
- At MCX, gold is having support at 72,100-71,850 and resistance at 72,600-72,880
- MCX silver has support at 91,400-90,750 and resistance at 92,650-93,300.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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