gold price in india The rally came on Tuesday after the biggest fall in months in the previous session. On the Multi Commodity Exchange (MCX), the gold contract for October rose by 0.39 per cent to Rs 46,065 on August 10 at 0905 hrs. Silver also gained a lot on Tuesday. On August 9, the future of the precious metal jumped 0.75 per cent to Rs 63,109.
In the international market, the yellow metal fell to record lows in the past few months following strong US job data. Spot gold was trading lower at $1,730.47 an ounce by 0039 GMT. US gold futures rose 0.4% to $1,732.90 an ounce, Reuters reported. US Treasury yields hit a more than three-week high on record-high job openings in June. According to the monthly Job Openings and Labor Turnover Survey published by the US Department of Labor, employment rose 590,000 in the last day of June to a record high of 10.1 million.
Monday’s data showed US job openings hit record highs in June and recruitment surged. It came on the heels of Friday’s US monthly jobs report, which showed US employers hired the most workers in nearly a year in July and continued to raise wages. The US benchmark yield also strengthened on Monday and this affected the sentiment. Additionally, Atlanta Federal Reserve Bank President Rafael Boustik said on Monday that the US economy is recovering faster than expected, with a time when the Fed may begin to slow its bond purchases quickly and inflation is already at its peak. It is only at a point that can satisfy a stage of a critical test. To start increasing the rates. Bostic said it was eyeing the fourth quarter for the start of a bond-purchase taper, but if the recent recovery in the job market continues, that could be even sooner, said Sriram Iyer, senior research analyst at Reliance Securities. may start.
International spot and futures bullion prices started in Asian trade on Tuesday morning with marginal gains on the hunt. However, the US dollar is rising sharply this Tuesday morning in Asian trade, so an upside may be shadowed. Investors are now awaiting further data including the Core Consumer Price Index (CPI) on Wednesday. Technically, LBMA Gold supports the 100-week MA at the level of 1737 and above, which could see some rally towards the $1754-$1767 level. Support is at the $1725-$1710 level. Below $24.00 LBMA Silver will continue its bearish move towards the $23.22-$22.70 level. Iyer says resistance is near the $23.88-$24.40 level.
“Domestic gold and silver prices and bullion index futures will open marginally higher this Tuesday morning tracking overseas prices. On the domestic front, MCX Gold will continue its correction below Rs 46,300 in October to Rs 46,100-45,850 levels. Resistance is located at Rs 46,300-46,500 level. MCX Silver September remains below Rs 63,000, which can see levels of Rs 61,000-59,900. Resistance is near Rs 63,300-64,000 level.
“Metals are still suffering from the reversal of last Friday’s surprisingly strong US jobs report, which pushed US stock indices at or near their record highs, rallied US dollar indices, rallied US Treasury yields ( Prices down) – pushed all bearish elements for metals. Gold and silver recovered somewhat from their overnight ‘flash crash’. Jobs data on Friday immediately shut down speculation that The Federal Reserve will act soon to reel in its easing monetary policies. This has really scared off the bulls in the metals market. Apparently, metals traders are currently not focused on the bullish inflation impact of a rebound in the US economy. Which is already witnessing an increase in consumer and producer prices,” said Amit Khare, AVP – Research Commodities, Ganganagar Commodities.
read all Breaking Newshandjob breaking news And coronavirus news Here
.