Tuesday, July 16, 2024
Home Commodities Gold prices today: Gold opened at Rs 71,650 per 10 grams, silver at Rs 89,152 per kilogram

Gold prices today: Gold opened at Rs 71,650 per 10 grams, silver at Rs 89,152 per kilogram

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MCX August gold futures contract on Tuesday opened 0.28% or Rs 200 higher at Rs 71,650 per 10 gram while July silver contract opened 0.37% or Rs 332 higher at Rs 89,152 per kg. Both the metals were trading flat.

Gold and silver prices have recovered from lows amid moderately stronger domestic and international markets. Gold prices have risen about 13% this year to a record high on optimism over U.S. monetary easing in 2024, geopolitical risks and purchases by central banks and Chinese consumers.

The MCX August gold futures contract rose 0.07% to settle at Rs 71,499 per 10 gram while the July silver futures contract rose 0.05% to settle at Rs 88,865 per kg.

Gold and silver prices showed extreme volatility last week, falling following the Federal Reserve’s meeting, but recovered from their lows on Friday after a surge in US jobless claims and the University of Michigan’s inflation expectations hit 3.3%.

Today, the US Dollar Index (DXY) rose 0.08 (0.08%) to hover around 105.40. “Key US data to be released today include Retail Sales m/m (May) and Industrial Production (May). The weaker than expected Retail Sales figure could help precious metals recover some of their losses. However, traders will also be keeping a close eye on Fed remarks as they will want to gauge the rigidity of the hawkish FOMC outcome,” said Praveen Singh, Associate VP, Fundamental Currencies & Commodities, Sharekhan by BNP Paribas. “On daily chart, MCX Gold (August) is trading above the ascending trend line. A breakout above 71,900 can trigger further bullish sentiments. The price is now indicating strength above the 50 EMA which is acting as support. The key resistance levels to watch out for are 71,900 and 72,500 while the support levels are 70,900 and 70,082,” said Neha Qureshi, Senior Technical & Derivatives Analyst, Anand Rathi Commodities & Currencies.Intraday Strategy by Neha Qureshi:

– MCX August Gold Futures bought at Rs 71700. Stop loss is Rs 71300 and target price is Rs 72300.

– Buy MCX July Silver Futures at Rs 89,300 with a stop loss of Rs 88,300 and a target price of Rs 91,300.

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

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