Gold prices in India rose for the second consecutive day on Wednesday. On the Multi Commodity Exchange (MCX), August gold closed at Rs 47,968, down 0.16 per cent on 10 grams at 0930 hrs on July 14. Silver was trading flat on Wednesday. September silver futures were trading 0.02 per cent higher at Rs 69,096 per kg.
Gold prices fell on Wednesday due to the strengthening of the dollar in the international market. Spot gold was flat at $1,806.07 an ounce as of 0057 GMT. US gold futures were down 0.2% at $1,807.20 an ounce, according to Reuters. The US Consumer Price Index (CPI) rose 0.9 percent in June, the highest in 13 years. It rose 5.4 percent year-on-year amid semiconductor shortages and pandemic restrictions.
“International spot gold and silver prices began Wednesday morning on a flat note weighing against a strong dollar as investors focused on Fed Chairman Jerome Powell’s testimony before Congress this week. Markets remain focused on the central bank’s monetary policy. Will watch out for any signals on the outlook. Technically, LBMA Gold is likely to trade in a minor upside momentum with support at $1799-$1787. Resistance is at $1813-$1822 level. Above $26.40 level LBMA silver will continue its bullish run and may see further levels of $26.65-$27.20. Support lies at $25.70-$25.45 levels,” said Sriram Iyer, Senior Research Analyst, Reliance Securities.
Domestic gold and silver futures may turn weak on Wednesday morning in view of the softening of overseas prices. Technically, MCX Gold holds strong support near the August level of Rs 47,800-47,600. Resistance is located at Rs 47,900-48,100 level. If MCX Silver trades above Rs 69,000 level, then we can continue the bullish momentum towards Rs 69,900-70,900 level. Support is at Rs.68,900-68,000 levels.
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