Gold Price Today: Rates soften post yesterday's strong gains; what should investors do?
₹59,743 per 10 grams around 9:35 am. Rahul Kalantri, VP of commodities at Mehta Equities pointed out that gold and silver prices rose sharply higher and hit 2.5-month highs on Tuesday on the back of a softer dollar and lower Treasury yields. However, they are not seeing fresh momentum as the US retail sales numbers for June were slightly below expectations.
US retail sales rose 0.2 per cent in June, following a revised 0.5 per cent increase in May, against an expected 0.4 per cent. "We expect gold and silver to remain volatile in today’s session. Gold has support at $1,965-1,955 while resistance is at $1,992-2,005.
Silver has support at $24.82-24.60, while resistance is at $25.20-25.34. In the Indian rupee terms, gold has support at ₹59,510, 59,340, while resistance is at ₹59,960, 60,220. Silver has support at ₹75,550-75,120, while resistance is at ₹76,540–76,920," said Kalantri.
Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain positive in the upcoming sessions amid weakness in the dollar index and downbeat US economic data. Jain expects gold to hold its key support level of $1,950 per troy ounce and silver to hold $24.80 per troy ounce level. "Gold has support at $1,968-1,955, while resistance at $1,994-2,010 per troy ounce.
Silver has support at $25-24.80, while resistance is at $25.50-25.74 per troy ounce. On MCX, gold is having support at ₹59,550-59,400 and resistance at ₹59,950-60,100 while silver has support at ₹75,550-75,100 and resistance at ₹76,600-77,200," said Jain. Jain suggests buying gold on dips around ₹59,550 with a stop loss of ₹59,300 for a target of ₹60,100 and buying silver on dips around ₹75,650 with a stop loss of ₹75,100 for a target of ₹77,200.
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