gold price in india Tracking strong global cues, jumped on Monday. On June 27, at 0950 am on the Multi Commodity Exchange (MCX), gold futures rose 0.38 per cent to Rs 50,813 per 10 grams. There was also a huge jump in the price of silver on Monday. The precious metal futures rose 0.74 per cent to Rs 60,190 for one kg on June 27.
In the international market, gold prices jumped as some Western countries plan to ban imports of the safe-haven metal from Russia. The United States and the European Union, along with the United States, have imposed several sanctions on Russia over the past few months over its invasion of Ukraine. now, four group of seven (G7) Rich countries on Sunday decided to impose sanctions on Russian gold imports to undermine Moscow and its economy. The move could affect the supply of bullion, if implemented.
Spot gold was up 0.2 per cent to $1,828.99 an ounce as of 0102 GMT. US gold futures were flat at $1,830.90. Spot silver rose 0.2 per cent to $21.15 an ounce.
Concerned investors and anticipation of a higher-than-expected rate hike by the United States Central Bank kept the yellow metal under pressure last week. However, economic data showed inflation expectations to be less worrying than initially feared, Reuters reported.
SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.2 per cent to 1,061.04 tonnes on Friday, from 1,063.07 tonnes a day earlier.
Gold Price Outlook
“MCX gold prices are expected to correct towards the Rs 50,200 level for the day as long as they remain below the Rs 50,850 level amid a stronger dollar and monetary policy in major countries globally to tackle higher inflation. Tightening is expected. However, investors will keep a close eye on key US economic data to assess the economic health of the country,” ICICI Direct said in a note. “Silver prices are also expected to give signals to gold prices and may move towards Rs 59,100 level,” it added.
“Gold prices may see some volatility this week amid important events like the G7 summit, US Q1 GDP numbers and the OPEC meeting. The volatility in the dollar index can decide the trend of gold prices. For the time being, gold may remain in the Consolidation Zone till some major announcements are made. Buy zone above – Rs 50,750 with target of Rs 51,000. Sell zone below – Rs 50,500 target of Rs 50,300,” said Dr Ravi Singh, Vice President and Head of Research, Share India.
“As per the technical charts, Gold and Silver are trading in the oversold zone. We can see a nice short covering rally in the coming future, with momentum indicator RSI indicating the same in hourly as well as daily charts. Hence traders are advised to buy fresh near the given support levels. Traders should watch out for the below mentioned important technical levels for the day: August Gold closing price at Rs 50,623, Support 1 – Rs 50,500, Support 2 – Rs 50,300, Resistance 1 – Rs 50,800, Resistance 2 – Rs 51,000,” said Amit Khare , AVP- Research Commodities, Ganganagar Commodity Limited.
“July silver closing price is Rs 59,749, Support 1 – Rs 59,400, Support 2 – Rs 58,800, Resistance 1 – Rs 60,000, Resistance Rs 2 – 60,500,” Khare said.
read all breaking news , today’s fresh news watch top videos And live TV Here.