Gold Price Today: Yellow metal opens at Rs 71,515/10 grams, silver down by Rs 2,000 this week
MCX gold August future contracts have been trading flat so far this week, falling by just Rs 70. It opened at Rs 71,515 per 10 gram today while the prices for silver July contracts on MCX fell by a little over Rs 2,000 in the same time period, opening at Rs 87,082/kg.
On Tuesday, gold and silver settled on a weaker note in the international and the domestic market. Gold August futures contract settled at Rs 71,467 per 10 grams with a loss of 0.45% while silver July futures contract settled at Rs 86,937 per kilogram with a loss of 2.32%.
Gold and silver prices had slipped ahead of the U.S. PCE price index data and strength in the dollar index. The U.S. Fed rate cut uncertainty continued to support the dollar index and pressurize precious metals.
The U.S. economic data released on Tuesday was mixed and thus was unable to support gold and silver prices.
“Gold prices were unable to cross its key resistance level of $2,350 per troy ounce and silver prices also slipped below their 50 day moving average levels due to strong dollar and uncertainty on Fed rate cuts. Market is waiting for the U.S. PCE price index data and Fed stance on the interest rate cuts," said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Today, the US Dollar Index, DXY, was hovering near the 105.66 mark, rising 0.05 or 0.05%.
We expect gold and silver prices to remain volatile this week ahead of the U.S. core personal consumption expenditure data and volatility in the dollar index, added Jain.
Intraday ranges for gold and silver by Manoj
