Gold prices sustain above Rs 98k. How to trade the yellow metal ahead of Fed meeting outcome?
How to trade gold?
Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:
Gold has support at Rs 98,080-97,700 and resistance at Rs 98,800-99,120
has support at Rs 98,080-97,700 and resistance at Rs 98,800-99,120 Silver has support at Rs 1,12,200-1,11,650 and resistance at Rs 1,13,850-1,14,400
Gold rates in physical markets
Gold Price today in Delhi
Gold Price today in Mumbai
Gold Price today in Chennai
Gold Price today in Hyderabad
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As a stronger dollar index reduced the appeal for safe haven buying, Gold October futures contracts at MCX today were trading flat at Rs 98,490/10 grams, up by Rs 47 or 0.05%, while the silver September futures contracts were trading higher by Rs 256 or 0.23% at Rs 1,13,309/kg.On Monday, gold and silver settled on a mixed note in the domestic market and on a weak note in the international markets. Gold October futures contract settled at Rs 98,443 per 10 grams with a loss of 0.41% while the silver September futures contract settled at Rs 1,13,053 per kilogram with a gain of 0.001%.Gold and silver extended their fall after the US and European Union finalised a trade deal over the weekend. The dollar index surged to 2-week highs after the US trade deal with the European Union and easing safe-haven buying for precious metals.'The U.S. equity markets extend their gains and also push gold and silver prices lower. Traders are also looking cautious ahead of the Fed monetary policy meetings and key U.S. economic data,' said Manoj Kumar Jain of Prithvifinmart Commodity Research.However, the U.S. trade deal with numerous nations before the tariff deadline of August 1 looks uncertain and could support gold and silver prices at lower levels.Weakness in the rupee is also supporting gold and silver prices in the domestic markets. Today, the US Dollar Index, DXY, was hovering near the 98.70 mark, gaining 0.07 or 0.07%.'We expect gold and silver prices to remain volatile this week amid volatility in the global financial markets, the Fed monetary policy meeting and the U.S. trade tariff deadline but gold prices could hold its 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.'Strength in US equity markets added further bearish pressure on bullion. Nevertheless, lingering uncertainties about US trade negotiations with other nations ahead of the August 1st tariff deadline could offer price support,' added Rahul Kalantri, VP Commodities at Mehta Equities.He believes that in India, a weaker rupee remains a supportive factor for domestic bullion rates.'We are expecting short coverings in gold and silver ahead of the Fed monetary policy meeting and suggest avoiding short positions at current levels,' Jain said.Meanwhile, Rahul Kalantri noted that gold has support at Rs 97,280-96,980 while resistance is seen at Rs 97,950-98,280. Additionally, silver has support at Rs 1,12,380-1,11,450 while resistance is placed at Rs 1,13,850-1,14,700.Standard gold (22 carat) prices in Delhi stand at Rs 57,344/8 grams while pure gold (24 carat) prices stand at Rs 61,200/8 grams.Standard gold (22 carat) prices in Mumbai stand at Rs 57,520/8 grams while pure gold (24 carat) prices stand at Rs 61,264/8 grams.Standard gold (22 carat) prices in Chennai stand at Rs 57,032/8 grams while pure gold (24 carat) prices stand at Rs 60,744/8 grams.Standard gold (22 carat) prices in Hyderabad stand at Rs 56,920/8 grams while pure gold (24 carat) prices stand at Rs 60,696/8 grams.: 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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