Gold prices trade lower as safe haven buying declines, but trade above Rs 1 lakh. Do analysts see capped upside?
ADVERTISEMENT Meanwhile, silver September contracts were trading at Rs 1,13,675 per kg, up Rs 379 or 0.33%.
On Monday, gold and silver settled weaker in both domestic and international markets. Gold October futures closed at Rs 1,00,322 per 10 grams, down 1.45%, while silver September futures ended at Rs 1,13,296 per kg, down 1.38%.
Both metals faced heavy sell-offs following the US President's tweet stating that 'gold will not be tariffed,' reversing last Friday's gains after a US customs ruling on steep tariff hikes for gold bar imports.The clarification erased last week's rally in precious metals.
'Gold and silver prices also fell ahead of the scheduled meeting between the US and Russian Presidents to discuss ending the war in Ukraine. However, robust demand for the metals, driven by US trade tariff uncertainty and the possibility of US Fed rate cuts, continues to provide support,' said Manoj Kumar Jain of Prithvifinmart Commodity Research.
ADVERTISEMENT Today's US CPI inflation data is expected to set the tone for the Fed's monetary easing and could guide precious metals' direction. Unlock 500+ Stock Recos on App The US Dollar Index (DXY) hovered near 98.52, trading flat.
ADVERTISEMENT 'We expect gold and silver prices to remain volatile this week amid U.S. tariff uncertainty, key economic data releases, and the U.S.-Russia meeting. Gold is expected to trade between $3,340–3,540 per troy ounce, while silver is expected in the $36.80–40.00 per troy ounce range,' he added.
ADVERTISEMENT Manoj Kumar Jain suggested the following ranges for gold and silver on MCX: Gold has support at Rs 99,900-99,475 and resistance at Rs 1,00,650-1,01,100
has support at Rs 99,900-99,475 and resistance at Rs 1,00,650-1,01,100 Silver has support at Rs 1,12,700-1,12,000 and resistance at Rs 1,14,000-1,14,650
Jain suggests buying gold around Rs 1,00,100 with a strict stop loss of Rs 99,660 for a target of Rs 1,00,750.
ADVERTISEMENT Standard gold (22 carat) prices in Delhi stand at Rs 57,712/8 grams while pure gold (24 carat) prices stand at Rs 61,544/8 grams.Standard gold (22 carat) prices in Mumbai stand at Rs 56,936/8 grams while pure gold (24 carat) prices stand at Rs 60,696/8 grams.Standard gold (22 carat) prices in Chennai stand at Rs 56,688/8 grams while pure gold (24 carat) prices stand at Rs 60,416/8 grams.Standard gold (22 carat) prices in Hyderabad stand at Rs 57,168/8 grams while pure gold (24 carat) prices stand at Rs 60,944/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
9 minutes ago
- Time of India
Oil settled nearly $1 lower as Trump-Putin talks loom
Oil prices closed down nearly $1 on Friday as traders awaited talks between US President Donald Trump and Russian leader Vladimir Putin, which could lead to an easing of the sanctions imposed on Moscow over the war in Ukraine. Brent crude futures settled 99 cents, or 1.5 per cent , lower at $65.85 a barrel, while US West Texas Intermediate crude futures eased $1.16, or 1.8 per cent , lower at $62.80. Trump arrived in Alaska on Friday for his summit with Putin after saying he wants to see a ceasefire in the war in Ukraine "today." Trump has said he believes Russia is prepared to end the war, but he has also threatened to impose secondary sanctions on countries that buy Russian oil if there is no progress with peace talks. Putin also arrived in Anchorage. Kremlin spokesman Dmitry Peskov said Russia expects the talks to bring results, Russia's Interfax news agency reported. "President Trump will likely threaten further tariff pressure on India and possibly China as far as oil imports from Russia if the meeting stalemates, which is keeping a nervous trade to crude," said Dennis Kissler, senior vice president of trading at BOK Financial. "If a ceasefire announcement is made, it will be taken as a negative to crude near-term," Kissler added. For the week, WTI dropped 1.7 per cent , while Brent eased 1.1 per cent . Weaker economic data from China, meanwhile, raised concerns over fuel demand. Chinese government data showed factory output growth slumped to an eight-month low and retail sales growth expanded at its slowest pace since December, weighing on sentiment despite stronger oil throughput in the world's second-largest crude user. Throughput at Chinese refineries rose 8.9 per cent year-on-year in July, but that was down from June levels, which were the highest since September 2023. Despite the increase, China's oil product exports last month were also up from a year ago, suggesting lower domestic fuel demand. Forecasts of a growing oil market surplus also weighed on sentiment, as did the prospect of higher-for-longer US interest rates. Oil rig count, an indicator of future supply, rose by one to 412 this week, Baker Hughes data showed. Bank of America analysts said on Thursday that they were widening their forecast for the oil market surplus, citing growing supplies from the OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries, Russia and other allies. The analysts now project an average surplus of 890,000 barrels per day from July 2025 through June 2026. That forecast follows this week's International Energy Agency predictions saying the oil market looks "bloated" after the latest increases to OPEC+ output.
The Hindu
9 minutes ago
- The Hindu
Donald Trump signals U.S. may not impose secondary tariffs on India over Russian oil
New York President Donald Trump has indicated that the U.S. may not impose secondary tariffs on countries continuing to procure Russia crude oil. There were apprehensions that additional secondary tariffs would have hit India in case the U.S. decided to enforce them. Trump-Putin Alaska Summit Highlights "Well, he (Russian President Vladimir Putin) lost an oil client, so to speak, which is India, which was doing about 40 per cent of the oil. China, as you know, is doing a lot…And if I did what's called a secondary sanction, or a secondary tariff, it would be very devastating from their standpoint. If I have to do it, I'll do it. Maybe I won't have to do it,' Mr. Trump said on Friday (August 15, 2025). The U.S. President made the remarks in an interview with Fox News aboard Air Force One en route to Alaska for a high-stakes summit meeting with Mr. Putin. The meeting concluded without any agreement on ending the Russia-Ukraine war. On Wednesday (August 13, 2025), U.S. Treasury Secretary Scott Bessent had said if 'things don't go well' between Mr. Trump and Mr. Putin at the summit meeting, then secondary sanctions on India for purchasing Russian oil could go up. In an interview with Bloomberg, Mr. Bessent said, 'I think everyone has been frustrated with President Putin. We expected that he would come to the table in a more fulsome way. It looks like he may be ready to negotiate.' 'And we put secondary tariffs on the Indians for buying Russian oil. And I could see, if things don't go well, then sanctions or secondary tariffs could go up,' he added. On whether sanctions can go up or loosened, Mr. Bessent had said, 'Sanctions can go up, they can be loosened. They can have a definitive life. They can go on indefinitely.' Mr. Trump imposed tariffs totalling 50% on India, including 25% for Delhi's purchases of Russian oil that will come into effect from August 27. Responding to the tariffs, the Ministry of External Affairs has said that the targeting of India is unjustified and unreasonable. 'Like any major economy, India will take all necessary measures to safeguard its national interests and economic security,' it said.
Economic Times
9 minutes ago
- Economic Times
Holy trinity of promoters, FIIs and DIIs bought these 21 stocks. Can they be the next big stars?
Live Events Why This Matters Market-Wide Trends (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel In investing, few signals are as powerful as the united conviction of promoters, foreign institutional investors (FIIs), and domestic institutional investors (DIIs). In the June quarter, 21 companies earned this vote of confidence from the 'holy trinity' — even though their recent price performance has been all three increase their stakes in a company, it usually means they believe in its business, growth story, and long-term value. According to experts, this indicates that investors are quietly buying more shares, drawn by attractive Autoline Industries , promoter shareholding increased by 343 basis points in Q1, while DIIs significantly increased their stake by 500 basis points. FIIs also inched up their holding, though by a modest 5 bps. The stock, however, has fallen 35% in 2025 so Zee Media Corporation (30% YTD fall), promoters boosted their stake by 228 bps, accompanied by a 50 bps rise in DII holdings and a notable 232 bps increase from in Nahar Poly Films , which has gained 15% this year, promoters rose 2 bps of stake, while FIIs and DIIs increased 7 bps and 30 bps stake rose 94 bps stake in Bandhan Bank (4% YTD gain); meanwhile, FII and DII increased stake in the banking stock by 161 bps and 2 bps, stocks that attracted the trio's interest in the June quarter included Jindal Steel & Power, Rain Industries, Dhampur Sugar Mills Ambika Cotton Mills , and Aavas Financiers According to Kranthi Bathini, Director-Equity Strategy at WealthMills Securities, promoters buying their company shares is always a positive indicator. It shows their confidence in the medium-to-long-term business prospects. When FIIs and DIIs — the key investment channels — also participate, it reinforces the belief in the company's potential. This combination further gives investors a clear signal of underlying in stark contrast to the above data, the private promoter shareholding in Indian markets fell to an 8-year low of 40.58% in June 2025 from 40.81% in March, with net sales of Rs 54,732 crore, per PRIME promoter buying signals confidence, selling can stem from reasons like profit-taking, debt reduction, or meeting regulatory norms, according to Pranav Haldea, Managing Director, PRIME Database GroupFII shareholding also slipped to a 13-year low of 17.04% despite net inflows of Rs 38,674 crore, while DII holdings hit a record 17.82% after Rs 1.68 lakh crore in net investments. This rare alignment of promoter, FII, and DII buying suggests strong underlying confidence and potential long-term opportunities.
