Gold Rate Today: Gold logs minors gains ahead of Fed mins; check price of yellow metal in Delhi, Ahmedabad, and other Indian cities
yellow metal. The DXY was trading with a positive bias above the 103 mark against a basket of six major currencies ahead of US Fed meeting minutes. The August Gold futures were trading at Rs 58,460 per 10 grams around 10 am on the MCX, rising Rs 51 over Tuesday's closing price.
Meanwhile, September Silver futures were trading with a negative bias, down Rs 75 per kg or 0.11% at Rs 70,467. Both gold and silver futures ended with gains on Tuesday. Track prices here (hyperlink: https://economictimes.indiatimes.com/commoditysummary/symbol-GOLD.cms) On the Comex, gold futures rose $3.10 or 0.16% to $1,932.40 per troy ounce while silver futures added $0.028 or 0.012% to trade at $23.140.
«FOMC June meeting minutes will be released later today. Minutes might show official’s willingness to raise rates further to curb inflation. Fed Chair Powell reinforced last week that interest rates will continue to rise this year and telegraphed two more quarter-point hikes.
US Labour data this week will set expectations for Fed policy outcome ahead of the next FOMC meeting on 26th July. Better than expected data might be a headwind for gold prices in the short term,» said Ravindra V. Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities.
Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities expects Comex gold prices to trade in a broader range of $1,910 to $1,935 per ounce for the day. The upside will extend to $1,950/oz if the price crosses resistance at the $1,935 level, he said. As for MCX Gold August futures, support is seen at Rs 58,050 per 10 grams and resistance at Rs 58,700 per 10 grams, the HDFC Securities expert said.
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