Gold and silver rates to see more correction; is it the right time to buy gold and silver?
As of 0736 GMT, spot gold remained unchanged at $3,336.75 per ounce, after briefly hitting its lowest level since July 17 earlier in the session.
Back home, MCX Gold August 5 contracts saw a slight uptick of 0.07 per cent, trading at ₹ 97,890 per 10 grams, while MCX Silver September 5 contracts inched up by 0.05 per cent to ₹ 1,13,107 per kg around 9:15 AM.
' Gold prices fell to their lowest in nearly two weeks, as a framework trade agreement between the US and EU reduced appetite for safe-haven assets. U.S. struck a framework trade agreement with EU, imposing a 15% import tariff on most EU goods - half threatened rate - and averting a bigger trade war between the two allies that account for almost a third of global trade. Agreement mirrors key parts of the framework accord reached by the U.S. with Japan, but like that deal, it leaves many questions open, including tariff rates on spirits, a highly charged topic for many on both sides of the Atlantic,' said Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd.
Gold declined by 0.21% last week, settling at 97,819 after reaching a high of 100,555. In the spot market, it touched a peak of $3,438 before retreating by 0.40% to close at $3,326.
Renewed optimism around tariffs weighed on both gold and silver prices. Silver hit a fresh all-time high of 116,641 during the week but witnessed a sharp correction, ending at 113,052.
According to Anuj Gupta, Director, Ya Wealth Research & Advisory, gold and silver price are likely to witness further corrections in short-term amid ongoing Trump's tariff row.
' We are expecting further corrections in gold and silver may be seen. Gold is strong at $3280 and then $3220 levels. Resistance at $3360 and than $3450 levels. For next week gold may test $3280 to $3250 levels. Silver support at $37 and then $36 levels. Strong Resistance at $40,' Gupta said.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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