Gold prices open higher at Rs 97,389 per 10 grams after 2-day fall. Should you invest at this price?
Gold
August futures contracts at MCX opened higher today by Rs 178 or 0.18% at Rs 97,389/10 g after settling negatively in the previous trading session. In the last 2 days,
gold prices
have fallen by Rs 400.
Meanwhile, silver September futures contracts surged by Rs 314 or 0.28% at Rs 1,11,800/kg after witnessing profit booking for the last 2 days.
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On Tuesday, gold and silver settled on a weaker note in the domestic and international markets. Gold August futures contract settled at Rs 97,211 per 10 grams with a loss of 0.58% and silver September futures contract settled at Rs 1,11,486 per kilogram with a loss of 1.28%.
Gold and silver extended their fall in a highly volatile session after hotter U.S. inflation data and strength in the dollar index.
The U.S. CPI rose 0.3% in June against 0.1% in May, and CPI on a yearly basis came up at 2.7% against 2.4% in May. Annual core inflation rose to 2.9% in June month up from 2.8% in May. Hotter U.S. inflation data fades chances for early interest rate cuts by the U.S. Fed and intensifies selling in precious metals.
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Following the data, US President Donald Trump said that consumer prices were low and the U.S. Fed should bring down interest rates now. U.S. central bank will probably need to leave interest rates where they are for a while longer to ensure inflation stays low in the face of upward pressure from the Trump administration's tariffs, Dallas Fed Bank President Logan said.
'The dollar index hit a 3-week high and crossed 98 levels once again, and also pushed gold and
silver prices
lower. However, uncertainty in the global financial markets due to higher trade tariffs could support prices at lower levels,' said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Today, the US Dollar Index, DXY, was hovering near the 98.57 mark, falling 0.05 or 0.05%.
'We expect gold and silver prices to remain volatile this week amid volatility in the global financial markets and U.S. trade tariff uncertainty, and gold prices could hold their support level of $3,280 per troy ounce and silver prices could also hold $36.40 per troy ounce levels on a weekly closing basis,' he added.
How to trade gold?
Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:
Gold
has support at Rs 96,950-96,600 and resistance at Rs 97,440-97,770
Silver
has support at Rs 1,10,500-1,09,700 and resistance at Rs 1,12,200-1,13,000
Jain suggests traders avoid long positions in gold and silver in today's session ahead of the U.S. PPI and core PPI data, but investors can accumulate in the dips.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,376/8 grams while pure gold (24 carat) prices stand at Rs 62,256/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,360/8 grams while pure gold (24 carat) prices stand at Rs 61,112/8 grams.
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Mutual funds dump Rs 1,700 crore worth of 9 defence stocks. Too expensive to buy or smart exit?
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,744/8 grams while pure gold (24 carat) prices stand at Rs 60,432/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,072/8 grams while pure gold (24 carat) prices stand at Rs 60,792/8 grams.
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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