Gold prices slip from 5-week high to trade below Rs 1 lakh on US-Japan trade deal. More downside in sight?
How to trade gold?
Gold has support at Rs 99,000-98,500 and resistance at Rs 99,850-1,00,100
Silver has support at Rs 1,14,750-1,14,000 and resistance at Rs 1,16,600-1,18,000
Gold rates in physical markets
Gold Price today in Delhi
Gold Price today in Mumbai
Gold Price today in Chennai
Gold Price today in Hyderabad
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Slipping from their 5-week high and below the Rs 1 lakh mark, gold August futures contracts on MCX were trading at Rs 98,944/10 grams, down by Rs 473 or 0.48% as safe haven buying witnessed a drop amid the US-Japan trade deal agreement.Meanwhile, silver September futures contracts were also trading slightly lower by Rs 288 or 0.25% at Rs 1,15,346/kg.On Wednesday, gold and silver settled on a weaker note in the domestic and international markets. Gold August futures contract settled at Rs 99,417 per 10 grams with a loss of 0.91% and silver September futures contract settled at Rs 1,15,634 per kilogram with a loss of 0.02%.Gold and silver showed very high price volatility and gained in the early trading session, but slipped from their highs amid easing safe-haven buying after the US-Japan trade agreement. The U.S. and Japan have entered into a trade agreement in which the U.S. reduced import tariffs on Japanese goods from a hefty 25% to 15%.'Bullion markets reacted negatively to that, and the market is also expecting that the U.S. could also settle trade disputes with other nations prior to the deadline on 1st August,' said Manoj Kumar Jain of Prithvifinmart Commodity Research. Gold prices slipped from 5-week highs, and silver prices also plunged from nearly 14-year highs. However, a weak dollar index and dovish comments from the FOMC members are supporting precious metals.The US Dollar Index, DXY, was hovering near the 97.26 mark, gaining 0.04 or 0.04% on Thursday.'We expect gold and silver prices to remain volatile this week amid volatility in the global financial markets and ahead of the ECB monetary policy meetings, but gold prices could hold their support level of $3,280 per troy ounce and silver prices could also hold $36.40 per troy ounce levels on a weekly closing basis,' he added.Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:Jain suggests buying silver on dips around Rs 1,15,000-1,14,400 with a stop loss of Rs 1,13,300 for a target of Rs 1,16,200-1,17,400.Standard gold (22 carat) prices in Delhi stand at Rs 58,144/8 grams while pure gold (24 carat) prices stand at Rs 62,032/8 grams.Standard gold (22 carat) prices in Mumbai stand at Rs 57,504/8 grams while pure gold (24 carat) prices stand at Rs 61,312/8 grams.Standard gold (22 carat) prices in Chennai stand at Rs 56,928/8 grams while pure gold (24 carat) prices stand at Rs 60,680/8 grams.Standard gold (22 carat) prices in Hyderabad stand at Rs 56,904/8 grams while pure gold (24 carat) prices stand at Rs 60,664/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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