Latest news with #MultiCommodityExchange
Mint
17 hours ago
- Business
- Mint
Gold price outlook: MCX gold rate may hit ₹94,000 level as Israel-Iran ceasefire, trade talks dent safe-haven demand
Gold prices on Multi Commodity Exchange (MCX) fell sharply on Friday, tracking losses in the global bullion market, as signs of easing geopolitical tensions in the Middle East with the Israel-Iran ceasefire holding up, and global trade optimism dampened safe-haven demand for the precious metal. MCX gold rate for August futures ended lower by ₹ 1,563, or 1.61%, at ₹ 95,524 per 10 grams. During the session, gold prices hit a low of 94,951, falling by ₹ 2,136, or 2.2%, from its previous close of ₹ 97,087. For the week, MCX gold price slumped 3.61%. MCX silver prices for September futures also declined. The white metal ended down by ₹ 1,468, or 1.36%, at ₹ 1,06,429 per kg. It touched a low of ₹ 1,05,380 during the session. In the international market, comex gold fell over 1.5% to trade below $3,270 per ounce, marking a second straight weekly loss and a nearly 3% decline for the week. 'The slide in gold prices comes as geopolitical risks ease and global trade optimism strengthens, dampening safe-haven appetite. A tentative ceasefire between Israel and Iran held firm, while US Commerce Secretary Howard Lutnick indicated trade frameworks with China and others are nearing completion — fueling risk-on sentiment in markets,' said Jigar Trivedi, Senior Research Analyst at Reliance Securities. Meanwhile, the US dollar dropped over 1.5% to below 97.3, its lowest since February 2022, weighed down by rising expectations of interest rate cuts following US Federal Reserve Chair Jerome Powell's dovish congressional testimony. Gold price next week will be influenced by a slew of factors, including economic data release in the US and European region. 'Key focal points for the coming week include, the progress in US trade talks ahead of the July 9 tariff decision deadline, the ECB Central Bank Forum, with comments expected from top officials including Chair Powell, and US macro data such as Nonfarm Payrolls, ISM Manufacturing & Services PMIs, and trade figures,' Trivedi noted. Gold price is expected to remain under pressure with a bearish bias, according to Jigar Trivedi. 'Comex gold has key support at $3,230 – $3,200 per ounce, while resistance is placed at $3,350 level. MCX gold price for August futures is expected to decline towards ₹ 94,800 – ₹ 94,000 per 10 grams as momentum remains weak,' Trivedi said. Read all Commodity Market news here
Mint
19 hours ago
- Business
- Mint
Gold price outlook: MCX gold rate may hit ₹94,000 level as Israel-Iran ceasefire, trade talks dent safe-haven demand
Gold prices on Multi Commodity Exchange (MCX) fell sharply on Friday, tracking losses in the global bullion market, as signs of easing geopolitical tensions in the Middle East with the Israel-Iran ceasefire holding up, and global trade optimism dampened safe-haven demand for the precious metal. MCX gold rate for August futures ended lower by ₹ 1,563, or 1.61%, at ₹ 95,524 per 10 grams. During the session, gold prices hit a low of 94,951, falling by ₹ 2,136, or 2.2%, from its previous close of ₹ 97,087. For the week, MCX gold price slumped 3.61%. MCX silver prices for September futures also declined. The white metal ended down by ₹ 1,468, or 1.36%, at ₹ 1,06,429 per kg. It touched a low of ₹ 1,05,380 during the session. In the international market, comex gold fell over 1.5% to trade below $3,270 per ounce, marking a second straight weekly loss and a nearly 3% decline for the week. 'The slide in gold prices comes as geopolitical risks ease and global trade optimism strengthens, dampening safe-haven appetite. A tentative ceasefire between Israel and Iran held firm, while US Commerce Secretary Howard Lutnick indicated trade frameworks with China and others are nearing completion — fueling risk-on sentiment in markets,' said Jigar Trivedi, Senior Research Analyst at Reliance Securities. Meanwhile, the US dollar dropped over 1.5% to below 97.3, its lowest since February 2022, weighed down by rising expectations of interest rate cuts following US Federal Reserve Chair Jerome Powell's dovish congressional testimony. Gold price next week will be influenced by a slew of factors, including economic data release in the US and European region. 'Key focal points for the coming week include, the progress in US trade talks ahead of the July 9 tariff decision deadline, the ECB Central Bank Forum, with comments expected from top officials including Chair Powell, and US macro data such as Nonfarm Payrolls, ISM Manufacturing & Services PMIs, and trade figures,' Trivedi noted. Gold price is expected to remain under pressure with a bearish bias, according to Jigar Trivedi. 'Comex gold has key support at $3,230 – $3,200 per ounce, while resistance is placed at $3,350 level. MCX gold price for August futures is expected to decline towards ₹ 94,800 – ₹ 94,000 per 10 grams as momentum remains weak,' Trivedi said. Read all Commodity Market news here Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
2 days ago
- Business
- Mint
Gold price today: MCX gold rate falls to near ₹96,000 on easing Israel-Iran tensions; silver prices drop 0.5%
Gold prices on the Multi Commodity Exchange (MCX) opened sharply lower on Friday, tracking weakness in international bullion prices, weighed down by a slight uptick in the US dollar and the Israel-Iran ceasefire. MCX gold rate for August futures opened 0.85% lower at ₹ 96,261 per 10 grams as against its previous close of ₹ 97,087. MCX silver prices for July futures also opened 0.11% lower at ₹ 1,06,629 per kg as compared with its previous close of ₹ 1,06,755. At 11:25 AM, MCX gold rate was trading lower by ₹ 987, or 1.02%, at ₹ 96,100 per 10 grams, while MCX silver rate was down by ₹ 204, or 0.19%, at ₹ 1,06,551 per kg. MCX gold price hit a low of ₹ 95,954 per 10 grams, falling below ₹ 96,000 level, while silver price touched an intraday low of ₹ 1,06,109 per kg on Friday. In the international bullion market, gold prices declined and were heading for a second weekly loss. Spot gold price fell 0.4% to $3,313.23 per ounce. Bullion was down 1.7% this week. US gold futures fell 0.7% to $3,325.70. Spot silver was steady at $36.63 per ounce. The dollar rose 0.2% against its rivals, making greenback-priced bullion more expensive for overseas buyers. 'The market now awaits the US core personal consumption expenditure data for further direction. Elsewhere, fading risks in the Middle East has reduced demand for safe-haven assets,' said Jigar Trivedi, Senior Research Analyst at Reliance Securities. US core PCE data is due later today, which will be eyed for further insight into the US Federal Reserve's monetary policy outlook. Markets are currently pricing in a 63-basis-point rate cut this year, starting in September. Jigar Trivedi expects MCX gold August futures may find support at ₹ 95,800 - 95,600 level, while resistance is seen at ₹ 96,500 level. Support for MCX silver prices is placed at ₹ 1,05,500 - 1,05,000 levels, while resistance at ₹ 1,06,800 level, he added.
Mint
2 days ago
- Business
- Mint
Gold price today: MCX gold rate falls near ₹96,000 on easing Israel-Iran tensions; silver prices drop 0.5%
Gold prices on Multi Commodity Exchange (MCX) opened sharply lower on Friday, tracking weakness in international bullion prices, weighed down by a slight uptick in the US dollar and the Israel-Iran ceasefire. MCX gold rate for August futures opened 0.85% lower at ₹ 96,261 per 10 grams as against its previous close of ₹ 97,087. MCX silver prices for July futures also opened 0.11% lower at ₹ 1,06,629 per kg as compared with its previous close of ₹ 1,06,755. At 9:10 AM, MCX gold rate was trading lower by ₹ 946, or 0.97%, at ₹ 96,141 per 10 grams, while MCX silver rate was down by ₹ 482, or 0.45%, at ₹ 1,07,415 per kg. In the international bullion market, gold prices declined and were heading for a second weekly loss. Spot gold price fell 0.4% to $3,313.23 per ounce. Bullion was down 1.7% this week. US gold futures fell 0.7% to $3,325.70. Spot silver was steady at $36.63 per ounce The dollar rose 0.2% against its rivals, making greenback-priced bullion more expensive for overseas buyers. 'Market now awaits the US core personal consumption expenditure data for further direction. Elsewhere, fading risks in the Middle East reduced demand for safe-haven assets,' said Jigar Trivedi, Senior Research Analyst at Reliance Securities. US core PCE data is due later today, which will be eyed for further insight into the US Federal Reserve's monetary policy outlook. Markets are currently pricing in a 63-basis-point rate cut this year, starting in September. Jigar Trivedi expects MCX gold August futures may find support at ₹ 95,800 - 95,600 level, while resistance is seen at ₹ 96,500 level. Support for MCX silver prices is placed at ₹ 1,05,500 - 1,05,000 levels, while resistance at ₹ 1,06,800 level, he added. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
3 days ago
- Business
- Mint
Gold price today: MCX gold rate rises above ₹97,500 per 10 grams on weak US dollar; silver gains 0.5%
Gold prices on the Multi Commodity Exchange (MCX) rose on Thursday, tracking a rally in global bullion prices on a weaker US dollar. Silver prices also moved in tandem, gaining nearly half a per cent. MCX gold rate opened higher at ₹ 97,600 per 10 grams as against its previous close of ₹ 97,357. Silver price kicked off the trade at ₹ 1,06,405 per kg as compared to the previous close of ₹ 1,05,980. At 9:15 am, the gold price was trading at ₹ 97,462 per 10 grams, up by ₹ 105, or 0.11%, while the MCX silver price was up by ₹ 510, or 0.48%, at ₹ 1,06,490 per kg. In the previous session, MCX gold prices ended 0.38% higher, while MCX silver prices rose 0.11%. Gold prices gained in the international market as the US dollar slumped on growing uncertainty after reports suggested that US President Donald Trump is considering replacing Federal Reserve Chair Jerome Powell as early as September or October, raising concerns over the future independence of the US central bank. This boosted the demand for safe-haven bullion. Spot gold price was up 0.2% at $3,339.20 per ounce, while US gold futures gained 0.3% to $3,353.10. Spot silver rose 0.2% to $36.36 per ounce. The dollar fell to its lowest level since March 2022, making greenback-priced gold less expensive for overseas buyers. 'Gold prices found support as the dollar index dropped to its lowest in over three years, driven by weak US consumer confidence data and recession concerns. Meanwhile, increased NATO defence budgets and ongoing Russia-Ukraine tensions added to the bullish undertone. However, de-escalation in the Middle East continues to limit the upside in bullion,' said Rahul Kalantri, VP Commodities, Mehta Equities Ltd. Donald Trump called Powell 'terrible' and said he is considering three or four potential candidates to lead the central bank. According to a report by The Wall Street Journal, Trump is even weighing the possibility of naming Powell's potential successor as early as September or October. Meanwhile, Jerome Powell told a US Senate panel on Wednesday that while Trump's tariffs may cause a one-time price hike, the risk of persistent inflation is significant enough for the central bank to be cautious about further rate cuts. 'Fed Chair Jerome Powell maintained a cautious stance, saying the Fed can manage tariff-related inflation but is not yet ready to cut rates, despite political pressure. Meanwhile, while the ceasefire between Iran and Israel appeared to be holding, concerns lingered over its durability,' said Jigar Trivedi, Senior Research Analyst at Reliance Securities. Bullion tends to do well during periods of uncertainty and in a low-interest-rate environment. Investors will now watch out for US GDP data due later in the day, while also keeping a watch for data on Personal Consumption Expenditures (PCE) on Friday. According to Rahul Kalantri, gold prices have support at $3,310-3,287, while resistance is at $3,360-3,375. Silver price has support at $36.00-35.70, while resistance is at $36.55-36.75. 'MCX gold price has support at ₹ 96,950 - ₹ 96,680, while resistance is seen at ₹ 97,850 - ₹ 98,200. Silver price has support at ₹ 1,05,380 - ₹ 1,04,600, while resistance is at ₹ 1,06,950 - ₹ 1,07,800,' Kalantri said. Jigar Trivedi believes MCX gold August futures may appreciate to ₹ 97,800 per 10 grams, with support seen around the ₹ 97,000 level.
