Gold holds firm at Rs 98,160/10 gm as robust US economy dims rate cut hopes. Key support levels to track
US economic data
dampened hopes of an interest rate cut, gold August futures contracts on MCX opened flat on Monday at Rs 98,160 per 10 grams, near their 1-week high, slightly up by Rs 136 or 0.14%.
Meanwhile, silver July futures contracts were also trading flat, slightly higher by Rs 227 or 0.2%, at Rs 1,13,117 per kg.
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On Friday, gold and silver settled on a positive note in both domestic and international markets. The gold August futures contract settled at Rs 98,024 per 10 grams with a gain of 0.57%, while the silver September futures contract settled at Rs 1,12,950 per kg, up 0.55%.
Gold and silver traded within a range last week and held their support levels. The dollar index gained for the second straight week after better-than-expected US economic data, limiting gains in precious metals.
'A stronger dollar, driven by upbeat US economic data, capped gains in precious metals. Optimism around the US economy reduced expectations of an early
Fed rate cut
, creating resistance at higher levels. However, trade tariff concerns and continued
central bank buying
lent support on declines,' noted Rahul Kalantri, VP – Commodities at Mehta Equities.
Gold and silver also face resistance at higher levels, as strong US economic data dims the chances of early rate cuts by the US Fed. However, they are receiving support at lower levels due to US trade tariff uncertainties and continued global central bank buying.
'The ECB monetary policy meetings and US manufacturing data could provide further direction to bullion markets,' said Manoj Kumar Jain of Prithvi Finmart Commodity Research.
'We expect gold and silver prices to remain volatile this week amid global financial market fluctuations, Fed uncertainty, and ahead of the ECB's monetary policy meetings. However,
gold prices
could hold the support level of $3,280 per troy ounce, while silver could hold $36.40 per troy ounce on a weekly closing basis,' he added.
Today, the US Dollar Index (DXY) was hovering near the 98.44 mark, down by 0.04 or 0.04%.
How to trade gold?
Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:
Gold has support at Rs 97,770-97,440 and resistance at Rs 98,360-98,640
Silver has support at Rs 1,12,200-1,11,400 and resistance at Rs 1,13,650-1,14,500
Jain suggests buying silver on dips around Rs 1,12,200 with a stop loss of Rs 1,11,450 for a target of Rs 1,13,650-1,14,200.
Gold rates in physical markets:
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,528/8 grams while pure gold (24 carat) prices stand at Rs 61,320/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 58,008/8 grams while pure gold (24 carat) prices stand at Rs 61,864/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,904/8 grams while pure gold (24 carat) prices stand at Rs 60,696/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,904/8 grams while pure gold (24 carat) prices stand at Rs 60,640/8 grams.
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