gold price India Looking at the global cues, it fell sharply on Thursday. On Multi Commodity Exchange (MCX), Sleep On June 23, at 0905, the price of 10 grams fell by 0.20 percent to Rs 50,800. Silver also saw a sharp decline on Wednesday. The futures of the precious metal fell 0.63 per cent to Rs 60,266 for one kg. Gold and silver prices remained under pressure after United States Federal Reserve chief Jerome Powell referred to aggressive rate hikes to tame the inflation giant.
On Thursday, the price of gold was registered in the international market. Spot gold was down 0.2 per cent at $1,832.91 an ounce, down by 0239 GMT. US gold futures fell 0.2 per cent to $1,834.30. Spot silver fell 0.5 per cent to $ 21.28 an ounce.
Powell said on Wednesday that the pace of rate hikes in the future will depend on whether inflation begins to decline. The Central Bank of the United States will assess interest rates on a meeting basis. Earlier this month, US Federal Reserve To fight against rising prices, it raised its benchmark interest rate by 75 basis points from 1.5 per cent to 1.75 per cent. This was the biggest increase in nearly three decades.
The US dollar index and the US Treasury yield declined after Powell’s testimony and limited the decline. In addition, investors were apprehensive that a rate hike by the Federal Reserve could push the US economy into a recession, which could reduce demand for the fuel.
gold price future
“International spot and COMEX gold prices began to weaken marginally in Asian trade on Thursday morning, despite the Fed remains fully committed to rein in inflation and will try not to create a recession in the process. However, downsides supported by a weaker dollar and the US Treasury yield could remain limited. Today’s range of COMEX August gold is $1825.17-$1850.97, said Sriram Iyer, Senior Research Analyst, Reliance Securities.
“Given the negative opening in overseas markets, domestic gold futures may start marginally lower on Thursday morning. Reflecting current sentiment, the SPDR Gold ETF Trust Fund said its stake fell 0.19 per cent to 1,071.77 tonnes on Wednesday from 1,073.80 tonnes on Tuesday. Today’s range of August gold on MCX is Rs 50,570-51,200.
Gold and silver prices declined on Wednesday following the Fed chairman’s testimony. Bullion traded in a narrow range as investors awaited fresh signals from top central banks, especially from the US Federal Reserve, on their monetary policy plans. Geopolitical uncertainty and rising concerns of an economic slowdown are likely to support the precious metals. Gold has support at $1828-1816, while resistance lies at $1852-1861. In rupee terms, gold has support at Rs 50,540-50,210, while resistance lies at Rs 50,980-51,240.
Silver Price Outlook:
“Today’s COMEX July silver range is $21.192-$21.662. Weakness may start in domestic silver futures prices on Wednesday morning. Today’s July range of silver on MCX is Rs 60,140-61,130.
“Silver has support at $21.10-20.85, while resistance is at $21.65-21.95. In rupee terms, silver has found support at Rs.60,120-59,550, while resistance is at Rs.61,380-61,710.
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