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Home Commodities Gold prices today: Gold opened flat at Rs 72,100, silver down Rs 1,080

Gold prices today: Gold opened flat at Rs 72,100, silver down Rs 1,080

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Ahead of the release of US personal consumption expenditure data, MCX’s August gold futures opened flat at Rs 72,100, down 0.16 per cent or Rs 116, while the July silver contract opened at Rs 93,046, down Rs 1,077 or 1.14 per cent.

Gold and silver showed mixed trends in the international market after the US GDP data was released as expected by the market. The second estimate of first-quarter GDP grew 1.3% year-on-year, beating the forecast of 1.2%.

Gold prices recovered from lows, but silver prices fell due to selling of industrial metals.

Today, the US Dollar Index (DXY) rose 0.13 (0.13%) to hover around 104.85.

“We expect gold and silver prices to remain volatile in today’s session ahead of the release of US personal consumption expenditure data and European inflation data, though gold and silver may hold support levels of $2,310 and $30.40 per troy ounce, respectively, on a weekly closing basis,” said Manoj Kumar Jain, Prithvi Finmart Commodity Research. Domestic markets ended weakly on Thursday. August gold futures closed down 0.08% at Rs 72,216 per 10 grams, while July silver futures closed down 2.12% at Rs 94,123 per kilogram. Gold traded in a narrow range this week due to lack of fresh insights on inflation trends. Gold has risen 14% this year and hit an all-time high last week, driven by optimism that the Fed will shift to monetary easing in 2024. It has also been supported by safe-haven purchases due to conflicts in Ukraine and the Middle East, as well as purchases by central banks and Chinese consumers. “MCX Gold (August) is currently trading above the ascending trend line and is hovering close to the trendline support. Failure to sustain above the 21-day EMA indicates underlying weakness. A drop below 71,700 could signal further decline. Moreover, the RSI is showing negative divergence, suggesting further weakness. “The key resistance levels to watch out for are 72,400 and 73,050 while the support levels are 71,700 and 71,200,” said Neha Qureshi, Senior Technical & Derivatives Analyst, Anand Rathi Commodities & Currencies.

Intraday Trading Strategy by Neha Qureshi:

โ€“ Sell MCX August gold futures at Rs 72,200 with stop loss at Rs 72,500 and target price at Rs 71,700

โ€“ Sell MCX July silver futures at Rs 94,000 with a stop loss of Rs 95,000 and a target price of Rs 92,000.

(Disclaimer: The recommendations, suggestions, views and opinions expressed by the experts are their own. They do not represent the views of The Economic Times)

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