Gold Price Today: Yellow metal opens at Rs 73,621/10 gms, silver at Rs 90,953/kg
Gold August futures opened lower by 0.72%, or Rs 534, at Rs 73,621 per 10 grams on Friday, while silver September futures contracts opened down by nearly 1%, or Rs 90,953 per kilogram.
The yellow metal has traded flat, gaining only Rs 340 per 10 grams in the last week, while silver has dipped by Rs 2,100 per kilogram in the same period.
Gold is currently seeing some profit-taking, but things look positive in the medium-term amid political uncertainty and as rate cuts approach, Kelvin Wong, OANDA's senior market analyst for Asia Pacific told Reuters.
Today's decline in gold prices marks the longest streak of daily drops since May. This follows a recent peak that some investors deemed too high. Nevertheless, gold is poised for its fourth consecutive weekly gain, buoyed by expectations of prompt and substantial monetary easing by the Federal Reserve.
Gold and silver extended their decline in international markets after the IMF executive board advised the US to delay interest rate cuts until late 2024. The IMF also suggested increasing tax rates to mitigate the Federal Reserve's growing debts.
A rise in US jobless claims supports predictions of a Fed rate cut in September. Gold remains nearly 20% higher for the year, fueled by central bank purchases, strong demand in China, and its status as a haven amid geopolitical tensions.
On Friday, the US Dollar Index, DXY, was hovering near the 104.23 mark, falling 0.06 or 0.05%.
“On the daily chart, MCX Gold August futures is not able to sustain above 74800 and has formed
