The price of gold in India continued to fall for the second consecutive day on Tuesday. On the Multi Commodity Exchange (MCX), the contract for October gold fell 0.32 percent to Rs 47,933 at 0915 hrs. Silver also saw a sharp decline on Tuesday. On August 3, the precious metal futures were down 0.53 per cent at Rs 67,528. Gold prices rose on Monday in the international market. As of 12:23 p.m. EDT (1623 GMT), spot gold was up 0.1% to $1,816.08 an ounce, hitting a session low of $1,804.49. US gold futures were also up 0.1% at $1,811.30, according to Reuters.
“Gold prices ended higher last week as the US Federal Reserve kept interest rates unchanged and gave no definite timeline to ease its expansionary outlook in the wake of the delta version of the virus and a weak labor market. Markets will be keeping a close eye on the US non-farm payrolls report due later in the week for signs on the health of the labor market in the world’s largest economy. However, a weak US dollar following a liberal outlook by the US Fed and rising cases of new forms of coronavirus limited the fall in bullion metal prices,” said Prathamesh Mallya, AVP- Research, Non-Agricultural Commodities and Currencies, Angel Broking. Said Limited
“International gold and silver prices have started turning weak in Asian trade on Tuesday morning and will track the movement of dollar and bond yields. However, as the risk of delta variants continues to rise, any weakness will continue to impact US yields and propel gold prices. Technically, if LBMA Gold trades below the $1818 level, we can continue the bearish move towards the $1805-$1795 level. Resistance is at the $1812-$1820 level.
LBMA Silver has resistance near the 21-daily moving average at $25.65, which is a potential downside move towards the $25.10-$24.30 level. Sriram Iyer, Senior Research Analyst, Reliance Securities said, resistance lies at $25.77-$26.00 level.
“Domestic gold and silver prices may turn weak today morning on Tuesday, which may see a moderation in overseas prices. Technically, MCX Gold is trading below the October 48000 resistance area and a sustained downside could sustain the price towards 47800-47600 levels. Resistance is located at Rs 48,100-48,250 level. MCX Silver September is at the resistance level of Rs 68,200-69,000. Support is at Rs 67,100-66,700 level.
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