Gold price in India remained steady on Tuesday. On the Multi-Commodity Exchange (MCX), October gold contracts was trading flat at Rs 47,230 for 10 grams at 0915 hours on August 17. After a volatile session at the starting of last week, yellow metal had recovered. Silver, however, saw a jump in prices on Tuesday after a bumpy previous session. The precious metal’s future jumped 0.26 per cent to Rs 62,620 on August 17.
In the international market, yellow metal prices were remained flat. Gold price hovered around an over one-week peak. Spot gold was little changed at $1,787.90 per ounce by 0105 GMT. US gold futures eased 0.1 per cent to $1,788.40.Silver rose 0.3 per cent to $23.89 per ounce. The US dollar held firm against other rivals. The investors are keenly waiting for the the minutes of Federal Reserve’s July meeting scheduled on Wednesday for cues on the US central bank’s stimulus tapering. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings dropped 0.1 per cent to 1,020.63 tonnes on Monday.
“International spot and futures gold & silver prices have started flat to marginally weaker this Tuesday morning in Asian trade. However, downside remained capped as support from safe haven demand amid rising Delta variant cases offset pressure from a firmer dollar. Technically, LBMA Gold will continue its bullish momentum up to $1792-$1805 levels. Support is at $1774-$1765 levels. LBMA Silver above $23.00 levels could see $24.10-$25.22 levels. Support is at $23.40-$22.65 levels,” said Sriram Iyer, senior research analyst, Reliance Securities.
“Domestic gold and silver prices and Bullion Index futures could start flat to marginally weaker this Tuesday morning, tracking overseas prices. On the domestic front, MCX Gold October could see a bullish momentum up to Rs 47,250-47,400 levels support is at Rs 47,050-46,900 levels. MCX Silver September above Rs 63,000 level could see Rs 63,800-64,400 levels. Support is at Rs 62,900-62,000 levels. MCXBULLDEX May could trade on Bullish note with in the range of Rs 13,950-14,350 levels,” Iyer added.
“The yellow metal has made a solid recovery from the August lows and the bulls and bears are now back on a level overall near-term technical playing field. More gains this week would put the bulls back in control of the charts. A bit more anxiety in the marketplace early this week also produced a bit of safe-haven demand. October gold futures were last down $3.50 at $1,772.50 and September Comex silver was last down $0.309 at $23.475 an ounce,” said Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.
“Gold has made a solid recovery from the August lows and the bulls and bears are now back on a level overall near-term technical playing field. More gains this week would put the bulls back in control of the charts. A bit more anxiety in the marketplace early this week also produced a bit of safe-haven demand. October gold futures were last down $3.50 at $1,772.50 and September Comex silver was last down $0.309 at $23.475 an ounce. The key outside markets today see the US dollar index a bit firmer. Nymex crude oil futures prices are lower and trading around $67.50 a barrel. Meantime, the yield on the benchmark US 10-year Treasury note is presently fetching 1.263 per cent,” Khare added.
“We are seeing short covering rally in Gold and Silver since last three trading sessions which may continue for next few trading sessions. Momentum indicator RSI also interred in strong up zone as per hourly as well as daily chart. So traders are advised to create fresh longs positions in Gold and Silver, traders should also focus important technical levels given below for the day: August gold closing price Rs 47,225, Support 1 – Rs 46,950, Support 2 – Rs 46,700, Resistance 1 – Rs 47,500, Resistance 2 – Rs 47,750. September silver closing price Rs 63,457, Support 1 – Rs 62,800, Support 2 – Rs 62,000, Resistance 1 – Rs 64,100, Resistance 2 – Rs 64,650,” he further mentioned.
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