Gold Price Today: Yellow metal gains nearly Rs 1,400/10 gm in 3 days, silver up by nearly Rs 4,400/kg

Gold October futures contracts at MCX opened flat on Tuesday at Rs 71,513 per 10 gram, which is down by 0.1% or Rs 71 while silver September futures contracts were trading at Rs 84,426/kg, up by 0.1% or Rs 88.

In the last 3 days, the prices of gold have gained nearly Rs 1,400/10 gm while silver has gained Rs 4,365/kg.

Gold held steady near its record high on Tuesday as investors awaited U.S. Federal Reserve minutes and Chair Jerome Powell’s speech for indications on how much the central bank will cut rates this year.

In the international market, spot gold edged 0.2% higher to $2,500.08 per ounce by 0254 GMT, trading slightly below an all-time high of $2,509.65 hit on Friday. U.S. gold futures rose 0.1% to $2,537.70.

Gold prices have rallied more than 20% so far this year on optimism that the Fed will begin cutting interest rates in September, robust central bank buying and safe-haven demand stemming from the Middle East tensions.Traders are likely to closely monitor the minutes of the Fed’s July policy meeting on Wednesday and Chair Jerome Powell’s speech at the Jackson Hole symposium on Friday for further hints.The U.S. dollar dipped to a seven-month low in the previous session, lending support to dollar-denominated gold. Today, the US Dollar Index, DXY, was hovering near the 101.95 mark, rising 0.07 or 0.07%.“Precious metal prices also gained support as several Chinese banks have been given new gold import quotas from the central bank, anticipating revival in demand despite record high prices. On the other hand, easing geopolitical risks and risk-on sentiment could cap the upside for Gold,” said Rahul Kalantri, VP Commodities, Mehta Equities.

“Gold has support at $2,482-2,465 while resistance is at $2,518-2,534. Silver has support at $28.92-28.75 while resistance is at $29.30-29.52. In INR terms, gold has support at Rs 71,350-70,940, while resistance is at Rs 71,790-71,960. Silver has support at Rs 83,550-82,880, while resistance is at Rs 84,980-85,540,” Kalantari added.

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