Gold Price Today: Yellow metal trades flat; silver down by Rs 2,400

Continuing to make lower highs on charts, MCX gold August futures on Monday opened at Rs 71,683 per 10 grams, falling by merely Rs 151 in June so far while silver MCX July futures contracts fell by Rs 6,390 in the same time period as the prices opened at Rs 81,180/kg.

Gold and silver prices showed very high volatility and slipped from their highs last week after downbeat U.S. housing data and strength in the dollar index. The dollar index jumped to nearly two-month highs pushing gold and silver prices lower.

The U.S. Fed member’s comments on interest rate cuts earlier this month were also hawkish which had pushed gold and silver prices lower. However, global central banks’ buying in gold and industrial demand in silver could support prices at lower levels.

On Friday, gold and silver were settled on a weaker note in the domestic market as the gold August futures contract settled at Rs 71,584 per 10 grams with a loss of 1.38%, and the silver July futures contract settled at Rs 89,139/kg with a loss of 2.76%.

Today, the US Dollar Index, DXY, was hovering near the 105.84 mark, rising 0.05 or 0.04%.“We expect gold and silver prices to remain volatile this week ahead of the U.S. core personal consumption expenditure data,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.At MCX, gold has support at 71,330-71,080 and resistance at 71,800-72,040 while silver has support at 88,500-87,750 and resistance at 90,650-91,200, Jain added.Intraday Trading Strategy by Manoj Kumar Jain:

– Sell gold around 71,800 with a stop loss of 72,040 for the target of 71,300.

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