Gold Rate Today: Gold prices fall on firm dollar. Check price of yellow metal in Delhi, Ahmedabad, and other Indian cities
The August gold futures were trading in the red at Rs 59,220 per 10 grams on the MCX when markets opened, down Rs 89 or 0.15% from Friday's closing price. Meanwhile, September Silver futures were trading at Rs 74,722, lower by Rs 248 or 0.33%. Gold and silver futures ended in the red in the previous session.
Gold ended with declines of 0.43%, while silver futures fell by 0.64%. Read More On the Comex, gold futures were trading at $1,962.50 per troy ounce on Monday, down by $4.10 or 0.21% while silver futures were trading at $24.845, lower by $0.010 or 0.040%. Praveen Singh – Associate Vice President, Fundamental Currencies and Commodities at Sharekhan expects gold to remain largely range-bound ahead of the US Federal Reserve monetary policy decision.
He sees support in Comex gold at $1,950 — $1,935, while resistance at $1,988- $2,000. «Bullions daily charts are now showing profit booking, trading at overbought zone. Momentum Indicator RSI is also indicating the same.
So, traders are advised to book profit in longs and can create fresh short positions in gold and silver near residence level one with the stop loss at resistance level two and book near given support levels,» Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL) said. He sees support at Rs 59,000 — Rs 58,800 and resistance at Rs 59,600 — 60,000. As for silver futures, support is seen at Rs 74,500 — Rs 74,000 and resistance at Rs 75,600 — Rs 76,200.
Gold August futures have support at Rs 59,350 — Rs 59,200 and resistance Rs 59,750 — 60,060. Meanwhile, Silver September futures have support Rs 75,000 — Rs 74,500 and resistance at Rs 75,900 — Rs 77,000, Khare said. Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at
. Read more on economictimes.indiatimes.com
