Gold prices stable at Rs 97,559; Does strong US economic data signal cap on upside?
Gold and silver saw limited buying interest as strong U.S. economic data eased expectations of imminent Fed rate cuts. Better-than-expected June retail sales and a drop in jobless claims to a three-month low highlighted the economy's resilience despite ongoing tariff pressures.
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Rshul Kalantri suggested the following ranges for gold and silver on MCX:
Gold has support at Rs 97,120-96,780, while resistance is at Rs 97,780-98,080
has support at Rs 97,120-96,780, while resistance is at Rs 97,780-98,080 Silver has support at Rs 1,11,780-1,11,050 while resistance is at Rs 1,12,950-1,13,700
Gold rates in physical markets
Gold Price today in Delhi
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Gold Price today in Chennai
Gold Price today in Hyderabad
A better-than-expected US retail sales data limited the gains in precious metals as gold August futures contracts at MCX were trading flat at Rs 97,559/10 grams, up by just Rs 86 or 0.09%.Meanwhile, silver September futures contracts were also largely flat, trading higher by 0.36% or Rs 402 at Rs 1,12,736/kg.The metals were seeing limited buying interest as strong US economic data reduced the urgency for the Federal Reserve to cut interest rates soon. June retail sales rebounded more than expected, while weekly jobless claims dropped to a three-month low, underscoring the economy's resilience despite tariff pressures.'Meanwhile, safe-heaven support for gold persisted due to President Trump's plan to notify over 150 countries of new tariff rates and heightened geopolitical tensions from the Russia-Ukraine conflict and unrest in the Middle East,' said Rahul Kalantri, VP Commodities at Mehta Equities.Data showed on Thursday that U.S. retail sales rose more than expected in June, advancing 0.6% last month after an unrevised 0.9% drop in May.U.S. initial jobless claims were better than expected, dropping 7,000 to a seasonally adjusted 2,21,000 for the week ended July 12. Economists polled by Reuters had forecast 235,000 claims for the week.The strong data showed the world's largest economy remained on a stable footing, supporting the Federal Reserve's hesitance to resume monetary policy easing.However, Fed Governor Christopher Waller said he continues to believe the U.S. central bank should cut interest rates at the end of this month amid mounting risks to the economy.Today, the US Dollar Index, DXY, was hovering near the 98.51 mark, falling 0.22 or 0.22%.Standard gold (22 carat) prices in Delhi stand at Rs 57,368/8 grams while pure gold (24 carat) is priced Rs 61,112/8 grams.Standard gold (22 carat) prices in Mumbai stand at Rs 57,584/8 grams. Pure gold (24 carat) prices were recorded at Rs 61,408/8 grams.Standard gold (22 carat) prices in Chennai stand at Rs 56,808/8 grams while pure gold (24 carat) prices stand at Rs 60,608/8 grams.Standard gold (22 carat) prices in Hyderabad stand at Rs 56,936/8 grams while pure gold (24 carat) prices stand at Rs 60,632/8 grams.: 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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