Gold Price Today: Gold dips Rs 200/10 gms in 2 days, silver drops Rs 600/kg
Gold October futures contracts on the MCX opened flat today at Rs 70,533 per 10 grams, down by 0.23% or Rs 166. Silver September futures contracts were trading at Rs 81,000 per kilogram, down by 0.06% or Rs 49.
The prices of gold and silver have both decreased slightly over the past 2 days. Gold prices fell by Rs 200 per 10 grams, while silver dropped by Rs 600 per kilogram.
On Tuesday, gold and silver settled weaker in the domestic market, while international markets saw mixed results. The October gold futures contract closed at Rs 70,699 per 10 grams, down by 0.06%, while the September silver futures contract settled at Rs 81,049 per kilogram, down by 0.70%.
The U.S. PPI and core PPI data released on Tuesday were mostly in line with expectations. The PPI rose by 0.1% in July, following a 0.2% increase in June, matching economists’ forecasts for a 0.1% rise.
The core PPI remained flat at 0.0% in July, compared to a 0.3% increase in June, and fell short of economists’ expectations for a 0.2% rise. The yearly wholesale inflation came in at 2.2%, down from 2.7% in June and below the expected 2.6%.Today, the US Dollar Index (DXY) was hovering near the 102.61 mark, rising by 0.05 points or 0.05%.“Cooling-off inflation in the U.S. pushed the dollar index lower and supported precious metals. Silver showed some profit-taking amid weakness in the industrial metals but held its support levels,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.The U.S. CPI inflation data will be released later today and may provide further direction for the bullion markets.
“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geo-political tensions,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
-At MCX, gold has support at Rs 70,440–70,220 and resistance at Rs 70,920–71,160.
-Silver has support at Rs 80,450–79,900 and resistance at Rs 81,700–82,200.
-Jain suggests buying gold for around Rs 70,550 with a stop loss of Rs 70,220 and a target of Rs 71,100. For silver, he recommends buying around Rs 80,800 with a stop loss of Rs 80,220 and a target of Rs 82,000.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)