Tracking global competitors, gold prices in India jumped on Thursday. On the Multi Commodity Exchange (MCX), August gold rose 1.01 per cent to Rs 47,057 per 10 grams at 1600 hours. Silver saw a huge rise on July 29. The precious metal rose 2.03 per cent to Rs 67,740 on Thursday.
On Thursday, the price of gold in the international market reached the highest level of a week. The surge came after the US Federal Reserve failed to give a timeline for its tapering plans. Spot gold rose 0.5% to $1,815.56 an ounce by 0129 GMT, having previously hit a peak of $1,817.35 since July 20. Reuters said US gold futures rose 0.9% to $1,815.30 an ounce. US Fed chief Jerome Powell said the US job market still had “some ground to cover” before it was time to pull back. The Fed’s policy statement weighed on the dollar index, which hit a two-week low on Wednesday.
“Gold moved higher as Fed Governor Powell’s latest insistence that rate hikes are not on the radar puts pressure on the dollar and backs safe haven assets. The US central bank has extended pandemic-era monetary policy support Although Governor Powell noted that the US job market still had ‘some ground to cover’ before it would be time to pull back,” Navneet Damani, VP Said – Commodity Research, Motilal Oswal Financial Services.
“Today market participants will keep an eye on US Q2 GDP data scheduled later in the day. Overall holding for gold on CoMex is up to $1770, with a chance for gold to rise till 1840 and 1870. On the domestic front, base could be Rs 47,200. And the rally could take gold above Rs 49,000 in the next few weeks, further added.
A recently released data point for the week, the Federal Reserve’s Open Market Committee (FOMC) statement, shows that the US central bank kept its monetary policy unchanged, as expected. The Fed said the US economy Continuing consolidation and inflationary pressures still temporary. Based on market reactions, the FOMC’s statement is likely to be slightly lower than expected. US Treasury bond and note yields rose, while the US dollar index followed the statement. was halted. Traders now await Fed Chair Jay Powell’s press conference. Many market watchers are still concerned about slowing economic growth and rising inflation, which many call stagflation. August gold futures 5.70 The dollar was trading lower at $1,794.10 and September COMEX silver was up by $0.106 at $24.75 an ounce. Technically, gold futures bull and bearish overall are at near-term technical playing field levels. Bulls Next The upside price target remains solid at July’s high of $1,835.00. Have to produce close to resistance. The next short term downside price objective of the bears is pushing the futures price below solid technical support at $1,775.00. Resistance is first seen at the overnight high of $1,807.60 and then at this week’s high of $1,812.00. The first support is seen at last week’s low of $1,789.10 and then $1,780.00,” said Amit Khare, AVP- Research Commodities, Ganganagar Commodities Ltd.
“Gold and Silver are trading near oversold zone as per the hourly chart and giving positive signals on the daily chart, with momentum indicator RSI also indicating the same. Silver is looking stronger than Gold in the daily chart and creating positive divergence in the daily chart, hence traders are advised to take long positions in Gold and Silver, traders are advised to take a look at the below important technicalities for the day Levels should also be noted: August Gold closing price is Rs 47,577, Support 1 – Rs 47,450, Support 2 – Rs 47,300, Resistance Rs 1 – 47,700, Resistance 2 – Rs 47,900. September silver closing price 66,390, support 1 – Rs 66,000, support 2 – Rs 65,500, resistance 1 – 66,750, resistance 2 – Rs 67,300.
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