Gold price today: MCX Gold falls over half a per cent; what should be your strategy for bullion today?
₹73,892 per 10 grams around 11:20 am. Also Read: Silver prices up 18% year to date, can jump to ₹92k mark in 3 months; should you prefer silver to gold for investments? Experts expect gold prices to remain volatile in the near term. Kaynat Chainwala, senior manager of commodities research at Kotak Securities, pointed out that COMEX Gold prices pared gains after touching a fresh all-time high of $2454.2 per troy ounce on Monday.
A slew of hawkish comments from Fed officials prompted markets to rethink the rate cut trajectory. Fed Vice Chair Philip Jefferson said on Monday it was too early to tell if the inflation slowdown is "long lasting," while Vice Chair Michael Barr said restrictive policy needs more time, Chainwala pointed out. "A soft US inflation print last week saw traders pile into bets on a potential September rate cut.
Today, investors might pay attention to Fed officials' speeches for more cues on the policy path amid the lack of economic data," said Chainwala. Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week ahead of the Fed meeting minutes. He, however, believes gold and silver could hold their support levels of $2,360 and $30.40 per troy ounce, respectively, on a weekly closing basis.
"Gold has support at $2,422-2,400, while resistance at $2,454-2,470 per troy ounce and silver has support at $32.10-31.70, while resistance is at $32.74-33.10 per troy ounce in today’s session," said Jain. "On the MCX, gold has support at ₹74,040-73,800 and resistance at ₹74,660-74,920, while silver has support at ₹94,350-93,500 and resistance at ₹96,100-97,200," Jain said. Jain suggests buying gold on dips around ₹74,000, with a stop loss of ₹73,650 and a target
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