Gold Price Today: Yellow metal opens at Rs 72,966/10 grams, silver at Rs 893,380/kg
silver steadied. Gold August futures contracts and silver September futures contracts on Monday opened flat at Rs 72,966 per 10 grams and Rs 93,380/kg respectively.
Gold August future contracts at MCX opened flat today at Rs 70,977 per 10 gram, which is down by merely 0.16% or Rs 112 while silver September futures contracts were trading at Rs 88,743/kg, down by 0.44% or Rs 392.
Gold and silver gained and hit one month high after downbeat U.S. job data and weakness in the dollar index. On Friday, gold and silver settled on a positive note in the domestic and international markets. Gold August futures contract settled at Rs 73,051 per 10 grams with a gain of 0.95% and silver September futures contract settled at Rs 93,554 per kilogram with a gain of 1.73%.
The U.S. non-farm employment showed a reading of 2,06,000 in the month of June against previous months job data of 2,18,000. The U.S. unemployment rate also surged to 4.1% against the previous month's reading of 4.0% and supported gold and silver prices.
Today, the US Dollar Index, DXY, was hovering near the 104.89 mark, rising 0.01 or 0.01%.
“On the daily chart, MCX Gold (Aug) has given a breakout of its descending triangle pattern forming a bullish engulfing candlestick pattern indicating bullish sentiments. Currently, it is trading above its 21 and 50-day EMAs, reinforcing our bullish outlook. Resistance levels are around 73,400 and 74,000, while support levels are at 72,600 and 72,200” said Neha Qureshi Senior Technical & Derivative Analyst, Anand Rathi
