Tracking international competitors, gold was trading flat in India on Thursday. On the Multi Commodity Exchange (MCX), the gold contract in August declined by 0.07 per cent to Rs 48,266 per 10 grams at 0905 on July 15. However, silver, another precious metal, jumped in the domestic market on Thursday. Silver futures for September rose by Rs 0.08 to Rs 69,468 per kg.
Gold prices remained flat on Thursday in the international market. According to Reuters, spot gold was stable at $1,824.81 an ounce as of 0050 GMT. US gold futures rose 0.1% to $1,826.40 an ounce. US Federal Reserve Chairman Jerome Powell said the central bank would continue its liberal monetary policy despite the recent spike in inflation readings. The head of the US Fed Reserve said higher inflation readings over the past several months were largely driven by temporary factors, notably supply constraints and rising consumer demand as trade restrictions related to the pandemic are lifted.
Powell said in remarks prepared ahead of the congressional hearing that the US job market is still far from the progress the Fed wants to see before reducing its support for the economy, while current high inflation will ease in the coming months. The dollar turned lower on Wednesday following the statement and gave support,” said Sriram Iyer, senior research analyst at Reliance Securities.
“International spot gold and silver prices have opened marginally higher in Asian trade this Thursday morning, supported by a Fed. Technically, LBMA Gold has given a bullish breakout where the upward move above the $1825 level will continue towards the $1834-$1842 level. Support is at the $1820-$1813 level. LBMA Silver will continue its bullish run above the $26.40 level and a further downside may be seen at the $26.65-$27.20 level. Support is at the $26.10-$25.70 level.”
“Keeping an eye on overseas prices, domestic gold and silver prices may moderate marginally higher this Thursday morning. On the domestic front, MCX Gold August has crossed the Rs 48,000 level with increase in volume activity, where a rally above Rs 48,200 can be seen in the range of Rs 48,370-48,500. On MCX, silver can see a rise above the level of Rs 69,000 in September to the level of Rs 69,900-70,900. Support is at Rs 68,900-68,000 level.
read all Breaking Newshandjob today’s fresh news and coronavirus news Here
.