Following the trend of the international market, the price of gold in India fell to a record low of five months on Monday. On August 9, on the Multi Commodity Exchange (MCX), the gold contract closed down 1.33 per cent at Rs 46,019 at 10 grams. Silver also saw a huge fall on Monday. The precious metal’s futures fell 2.03 per cent to Rs 63,681 on Monday.
In the international market, the yellow metal fell to a four-month low on Monday. Analysts feared the Federal Reserve would raise rates faster than expected as US jobs data improved in July. In July, US employers hired the most workers in nearly a year and continued to raise wages. Spot gold was down 2.3% at $1,722.06 an ounce by 0048 GMT. Earlier in the session, prices touched $1,684.37, the lowest since March 31. US gold futures slipped 2.1% to $1,726.40, Reuters reported. In the first session, silver fell 7.5% to an eight-month low of $22.50 an ounce.
“The US non-farm payrolls (NFP) report last month exceeded expectations with an additional 943,000 in jobs. Therefore, the market is anticipating that the Fed’s taper date will be brought forward with an announcement at the beginning of its September meeting.” The real tapering could begin as early as January 2022. The dollar and benchmark 10-year Treasury yields jumped after the data, said Sriram Iyer, senior research analyst at Reliance Securities. “The appeal of non-yielding gold.” Put a dent in.”
“International spot and futures gold and silver prices began early Monday in Asian trade, with major cuts from last week on expectations of better US jobs data, which could bring in time for a tightening of Federal Reserve policy. . Technically, LBMA Gold has corrected over 1.5% where it broke the $1750 support level, indicating downside pressure to continue towards the $1722-$1710 level. Resistance is at the $1746-1758 level. Technically, if LBMA Silver trades below the $24.00 level, we can continue its bearish move towards the $23.53-$22.55 level. Resistance lies at the $24.15-$25.19 level,” Iyer said.
“Domestic gold and silver prices and bullion index futures will commence with a fall in trading this Monday morning, tracking overseas prices. On the domestic front, if MCX Gold starts below Rs 46650, we can see that futures may continue to correct further towards Rs 46,380-46,100 levels. Resistance is near Rs 46,800-47,000 level. On the domestic front, MCX Silver is trading below the Rs 65,000 mark, which may see the Rs 64,090-63,200 level. Resistance is near Rs 65,500-66,250 levels.
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