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Home Commodities Gold price today: Gold price today: Gold falls by Rs 3,000 in a month, silver by Rs 5,000

Gold price today: Gold price today: Gold falls by Rs 3,000 in a month, silver by Rs 5,000

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MCX August gold prices opened flat at Rs 71,746 per 10 gram on Thursday after falling by Rs 2,950 in the past one month, while July silver prices also fell by Rs 5,000 in the same period and opened at Rs 90,250 per kg today, up by Rs 775, or 0.87 per cent.

Gold edged up after finishing nearly flat the previous day and has been trading in a tight range since Fed policymakers indicated in March that they expect just one rate cut this year, instead of the three that were expected. Low interest rates are generally good for gold, since it doesn’t pay interest.

In the United States, spot gold ended a quiet day yesterday, closing steady at $2,328, as the US market marked the Juneteenth holiday. Overall trading was subdued.

The World Gold Council report found that 29% of central bank respondents plan to increase their gold bullion holdings in the next 12 months, the highest level since the survey began in 2018, boding well for gold in the medium to long term.

Today, the US Dollar Index (DXY) rose by 0.02 (0.02%) to hover around 105.27. “On the daily chart, MCX Gold (August) is trading above the ascending trend line, indicating bullish sentiments. A breakout above 71,900 can further strengthen this bullish outlook. Price is now above the 50 EMA, which provides strong support and indicates continued strength. The key resistance levels to watch are 71,900 and 72,500, while the support levels are 71,200 and 70,700,” said Neha Qureshi, Senior Technical & Derivatives Analyst, Anand Rathi Commodities & Currencies. Intraday Trading Strategy by Neha Qureshi:

  • Buy MCX August Gold Futures at Rs 71700. Stop loss is Rs 71300 and target price is Rs 72300.
  • Buy MCX July Silver Futures at Rs 89500. Stop loss is Rs 88500 and target price is Rs 91500.

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

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