Gold price today: Rates move up; what should be your strategy for bullion today?

livemint.com:

₹58648 per 10 grams around 10:40 am. As per a Reuters report, the dollar index was below the two-month highs, while a rally that took US Treasury yields to nearly 16-year highs took a pause, giving some respite to gold. Gold prices settled higher in the international and domestic markets in the previous session after downbeat US existing home sales data and perceived buying at lower levels after the yellow metal hit five-month lows.

Most experts believe gold prices may remain volatile ahead of Powell's speech at Jackson Hole Symposium. Manoj Kumar Jain Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week amid volatility in the dollar index. He, however, believes gold and silver may hold their key support levels.

"Gold has support at $1,914-1,904, while resistance at $1,938-1,950 per troy ounce. Silver has support at $23.20-22.94, while resistance is at $23.70-24 per troy ounce," said Jain. "On the MCX, gold is having support at ₹58,440-58,280 and resistance is at ₹58,700-58,880 while silver is having support at ₹71,550-71,100 and resistance at ₹72,300-72,750," Jain said.

Jain suggests buying gold on dips around ₹58,440 with a stop loss of ₹58,280 for a target of ₹58,800 and also suggests buying silver around ₹71,500 with a stop loss of ₹71,100 for a target of ₹72,500. Rahul Kalantri, VP of Commodities at Mehta Equities observed that despite the recent selling pressure, the gold and silver prices have managed to hold on to their crucial support levels, given that bond yields have risen to a fresh 15-year high. The weaker US existing home sales data also provided support to bullion prices while gold and silver also witnessed mild short coverings ahead of the US Fed Chairman’s speech