Gold Price Today: Gold prices trade flat in June month, silver down by Rs 4,400

Gold August futures contracts on MCX opened at Rs 71,566 per 10 gram on Monday after trading flat in June, falling merely by Rs 300, while silver July futures contracts opened at Rs 87,035/kg, down by 0.15% or Rs 132, after falling by Rs 4,400 in June.

Gold and silver traded steady amid inline expected U.S. core PCE price index data. On Friday, gold and silver settled on a positive note in the domestic as well as the international markets.

Gold August futures contract settled at Rs 71,582 per 10 grams with a gain of 0.01% and silver September futures contract settled at Rs 89,540 per kilogram with a gain of 0.43%. Gold and silver showed very high price volatility and held its key support levels on a monthly closing basis.

Today, the US Dollar Index, DXY, was hovering near the 105.60 mark, falling 0.27 or 0.26%.

The U.S. core PCE price index data released last week was as per market expectations and came up at 0.1% against previous month’s data of 0.3%. Cooling off of inflation in the U.S. could give some room to the U.S. Fed for cutting interest rates. The dollar index also showed mild profit taking from their highs and supported gold and silver prices. “We expect gold and silver prices to remain volatile this week ahead of the U.S. Fed Chairman’s speech and the FOMC meeting minutes,” says Manoj Kumar Jain of Prithvi Finmart Commodity Research.Intraday ranges by Manoj Kumar Jain:

• At MCX, gold is having support at 71,350-71,080 and resistance at 71,800-72,040.
• MCX silver has support at 89,100-88,550 and resistance at 90,200-90,800.

“We suggest buying gold on dips around 71,400 with a stop loss of 71,080 for the target of 71,850,” 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)