Gold, silver prices surge by about ₹200 each as dollar dips; check prices

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₹195 to ₹59,700 per 10 grams on Wednesday amid strong global cues. In the previous trade the precious metal at ₹59,505 per 10 grams. Silver increased by ₹200 to ₹72,700 per kilograms.

Gold futures in the global market experienced a significant increase, nearing the $1950 per ounce mark during mid-Asia electronic trades today. This rise can be attributed to the weakness of the US dollar, which has supported commodities traded in dollars, as investors await the release of US inflation data. The decline in the dollar index to around 101 levels, down by 0.23% and reaching its lowest point since May 11, has made gold more affordable for holders of other currencies.

Furthermore, benchmark 10-year US Treasury yields have also decreased, reaching their lowest level in nearly a week. Today, investors are eagerly anticipating the publication of important economic indicators and communications from central banks. Specifically, the United States will be releasing its Consumer Price Index (CPI) and Core CPI data, which will offer valuable insights into inflation trends and the purchasing power of consumers.

Additionally, the Bank of Canada will be issuing its rate statement and report, which will provide an assessment of the Canadian economy and any potential adjustments to interest rates. The August gold futures on MCX were trading at ₹58,778 per 10 grams, showing a slight increase of ₹5. As mentioned before, the contract is expected to encounter resistance around the 59,100 levels, while support can be found near ₹58,700 levels.

At the same time, the September silver futures were trading at ₹71,175 per kg, with an increase of ₹58. Resistance for silver is anticipated near the ₹71,500 and ₹71,700 levels. The U.S.