Gold price prediction: Meltdown as prices fall by Rs 600/10 gram amid profit booking. Can bulls stage a comeback?
Tired of too many ads?
Remove Ads
Gold rate today
Tired of too many ads?
Remove Ads
Technical triggers
Silver price today
Tired of too many ads?
Remove Ads
Gold prices fell on Friday as investors took refuge in the greenback amid growing tensions between Israel and Iran. Moreover, a status quo on the US interest rate has helped the dollar index (DXY) strengthen, reducing some appeal in the yellow metal. The domestic gold prices fell sharply taking cues from the international prices.On the MCX, the August Gold futures were trading at Rs 98,664, down by Rs 665 or 0.67% from the Thursday closing price. Meanwhile, gold contracts on the COMEX were hovering around $3,367.20 per troy ounce, plunging by $40.90 or 1.20%.The movement in gold rates are inversely related to the dollar movement. When the Federal Reserve cuts interest rates, the returns on dollar-denominated assets like the US treasury bonds or savings accounts become less attractive and hence global investors may move their money to countries with higher interest rates, reducing demand for USD.Commenting on the action, Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services said that the breather this week was on profit-booking, after the U.S. Fed's hawkish comments on interest rates and easing geo-political risk premium.The Street awaits U.S. President Donald Trump's decision if the US will enter the Iran-Israel war in two weeks."On charts prices may find some resistance around Rs 99,300-99,650, while on the downside support is seen at Rs 98,000-97,650," Mer said.The price of physical gold in Delhi-NCR market is still above the Rs 1 lakh mark. This includes a 3% GST levy.Renisha Chainani, Head - Research at Augmont also sees profit-booking in gold after record highs of Rs 1,01,078 per 10 gram on the MCX."Precious metals have reversed as support from growing geopolitical tensions in the Middle East is offset by a stronger dollar overall and the possibility of fewer interest rate reductions from the US," Chainani said."Gold prices are consolidating around record-high levels in the range of Rs 99,000($3,360) and Rs 101,000 ($3,475).Despite the Fed's hawkish tone, ongoing geopolitical tensions between Iran and Israel continue to offer downside protection for gold, Jateen Trivedi, Vice President Research Analyst - Commodity and Currency, LKP Securities opines. "The broader trend remains range-bound to positive, with a key support level seen at $3,290, and strong resistance near $3,500 on Comex. Unless there is a clear resolution on geopolitical fronts or a shift in Fed commentary, gold is likely to stay buoyant within this broad band," he added.The July silver futures plunged by Rs 1,395 or 1.3% and were trading around Rs 1,05,998. On the COMEX, silver contracts fell by $1.128 or 3.06% per troy ounce to trade around $35.78.Silver prices have retraced from its high, next support is Rs 105,300($35.50), said Chainani, adding that prices should sustain this support for the bull trend to continue. If this support is broken, the next downside level is Rs 104,000 ($34.50), he added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
19 minutes ago
- Indian Express
Govt nod to 93 additional LCA Mk 1 jets for IAF
THE CABINET Committee on Security Tuesday cleared the procurement of 97 LCA Mk 1 A light combat aircraft for the Indian Air Force, sources confirmed to The Indian Express. When inducted, the additional indigenous jets will be a boost to the dwindling fighter squadrons of the IAF. The order was already in the pipeline. Their procurement was cleared by the Defence Acquisition Council headed by Defence Minister Rajnath Singh in 2023. Earlier, the IAF had placed an order for 83 LCA Mk 1 A jets in February 2021. Subsequently, in August 2021, the state-owned Hindustan Aeronautics Limited placed an order worth Rs 5,375 crore for 99 F404 engines with GE Aerospace to power the indigenously made Tejas Mk-1A. The first of these jet engines was delivered to HAL after a delay of nearly a year and a half, in April this year. The second engine was delivered last month. The engine deliveries were delayed due to COVID-19 pandemic and supply chain issues. Twelve Light Combat Aircraft Tejas will be ready to be rolled out by December this year, of which six aircraft have already been lined up, government officials had said. The timely induction of the indigenous fighter jets, including Tejas Mk 1A, is crucial to holding the IAF's dwindling squadron strength. The IAF has phased out most of its MiG-21 squadrons, and early next decade, it is likely to begin phasing out other ageing fighter squadrons. According to officials, HAL plans to produce 16 fighter jets next year provided the engine deliveries from the US are on schedule. The original plans were to produce 16 aircraft every year and complete deliveries of all jets by 2030.
NDTV
34 minutes ago
- NDTV
Cabinet Approves Airport At Kota-Bundi In Rajasthan For Rs 1,507 Crore
New Delhi: The Union Cabinet on Tuesday cleared a proposal to set up a new airport at Kota-Bundi in Rajasthan at an estimated cost of Rs 1,507 crore. The airport, to be completed in two years, will have an annual passenger handling capacity of 2 million and 1,089 acres (around 440.06 hectares) of land is being provided free of cost by the Rajasthan government for the project. Briefing the media after the Cabinet meeting, Information & Broadcasting Minister Ashwini Vaishnaw said the greenfield airport project at Kota-Bundi will be funded by the Airports Authority of India (AAI) through its internal accruals. Kota-Bundi constituency is represented by Lok Sabha Speaker Om Birla. The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has approved the proposal for developing a green field airport at Kota-Bundi at an estimated cost of Rs 1,507 crore, according to an official release. The state government has transferred 440.06 hectares of land to AAI for the airport, which will be suitable for the operation of narrow-body Airbus A321-type aircraft. "The project includes construction of a terminal building spanning an area of 20,000 sqm capable of handling 1,000 Peak Hour Passengers (PHP) with annual capacity of 2 Million Passengers Per Annum (MPPA), Runway 11/29 of dimensions 3200m x 45m, Apron with 07 parking bays for A321 type aircraft, two Link Taxiways, ATC cum Technical Block, Fire Station, car park and allied works," the release said. Vaishnaw said the airport will significantly improve regional connectivity and promote the local economy. AAI will fund the project through its internal accruals and is expected to be completed in 24 months. The new airport will be coming up around 23 kilometres away from the existing airport, Vaishnaw said. According to the release, the existing Kota airport is owned by AAI but cannot be developed for commercial operations due to inadequate land availability and urbanisation around the airport. The existing airport has a "runway (08/26) of dimensions 1220 m x 38 m, suitable for Code 'B' aircraft (such as DO-228), and an apron capable of accommodating two such aircraft. The terminal building spans an area of 400 sqm and is capable of handling 50 passengers during peak hours," it added. Kota, situated on the banks of the Chambal River, is recognised as Rajasthan's industrial capital and is also known as the educational coaching hub of the country. "Kota's prominence in educational and industrial sectors makes the Greenfield Airport a critical infrastructure project, aimed at addressing the anticipated traffic growth in the region," the release said. In the last 11 years, Vaishnaw said the number of operational airports in the country has more than doubled to 162 in 2025 from 74 in 2014. Also, the number of air passengers has increased to 41.2 crore this year from 16.8 crore in 2014, he added.
Time of India
43 minutes ago
- Time of India
Two companies bid for dismantling BRTS corridor
Indore: Two companies have expressed interest in dismantling 11.5-km-long BRTS corridor that stretches from Rajiv Gandhi Square to Niranjanpur Square. This was the fourth tender floated for the project, and the bids were opened. According to IMC additional commissioner Abhay Rajangaonkar, Poornima Enterprises bid Rs 2.52 crore, while one Dinesh Yadav quoted Rs 1.71 crore. The proposals from both companies have been sent to municipal commissioner for approval. After High Court had ordered removal of the BRTS railings in Feb 2025, Indore Municipal Corporation (IMC) had floated tenders twice in April, but no contractors had shown interest. A third tender was issued in June, where the corridor was divided into six parts to attract more contractors. The terms of the tender were also relaxed. The initial demand for Rs 3.68 crore advance payment was reduced, and it would now be accepted in five instalments. "As decided, the contractor will dismantle the entire BRTS corridor, including railings, plinths, and bus stops, and will take whatever material he wants from it. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Use an AI Writing Tool That Actually Understands Your Voice Grammarly Install Now Undo In return, he will give the bid amount that will be approved by IMC," Rajangaonkar said, adding that after awarding the work, it is expected to take around three months for complete dismantling of the corridor. After the railings are removed, a divider would be constructed in the middle of AB Road, and both sides will be open to mixed traffic, including i-buses. The i-bus stops will be moved to the sides of the road. "We have already approved tenders of two contractors, while another contractor is expected to be assigned the work of constructing the divider after dividing the corridor into three sections," he explained, adding that this work was expected to take more time due to flow of traffic on this busy route. To streamline traffic at the intersections, more than half a dozen flyovers have been proposed on this stretch on AB Road. A flyover at the Bhanwarkuan intersection has already been completed, and the construction of two flyovers is underway at Satya Sai and Dewas Naka (Niranjanpur) intersections. Proposals have also been submitted for flyovers at major squares, including LIG, Palasia, Geeta Bhavan, Shivaji Vatika, and Naulakha intersections. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
