Gold Price Today: Yellow metal gains Rs 1,200 in July, silver up by Rs 3,900

Gold August futures have surged nearly Rs 1,200 so far in July, opening today at Rs 72,820 per 10 grams, while silver September futures have increased by Rs 3,900 in the same period, with prices opening today at Rs 93,476 per kilogram.

Gold and silver closed with mixed results ahead of US inflation data, while expectations of a rate cut supported prices. Both metals ended on a mixed note in the international and domestic markets. The Gold August futures contract settled at Rs 72,668 per 10 grams, marking a gain of 0.37%, while the Silver September futures contract settled at Rs 92,832 per kilogram, showing a slight loss of 0.15%.

In his two-day testimony before the US Senate committee and the House, Fed Chairman Jerome Powell indicated that monetary policy would be relaxed once the Fed is confident that inflation is moving significantly closer to the target rate of 2.0%. The US economy has achieved a soft landing, meeting inflation targets without a significant increase in unemployment.

After his comments, the dollar index experienced profit-taking, which supported gold and silver prices. The market anticipates rate cuts from the Fed starting in September, and today’s CPI inflation data could provide more clarity on the timing of these cuts.

Today, the US Dollar Index, DXY, was hovering near the 104.95 mark, down 0.10%.“We expect gold and silver prices to remain volatile this week ahead of the US CPI and PPI data,” said Manoj Kumar Jain of Prithivifinmart Commodity Research.Intraday range by Manoj Kumar Jain:

– At MCS, gold has support at 72,500-72,330 and resistance at 72,850-73,040.

– Silver has support at 92,200-91,650 and resistance at 93,600-94,200.

“We suggest buying silver on dips around 92,400 with a stop loss of 91750 for the target of 93500,” Jain added.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)