Gold rate today : Precious metals have seen a decline as Gold August futures on MCX traded at Rs 96,168 per 10 grams, showing a decrease of Rs 304 or 0.32%. Gold prices have witnessed a reduction of Rs 3,200 in the last 15 days.
Silver September futures began trading marginally lower, declining by Rs 85 or 0.08% to Rs 1,07,900/kg. The white metal's prices have remained relatively stable over the past two weeks, showing a minimal decrease of Rs 70.
On Tuesday, both precious metals closed lower in domestic and international markets. Gold August futures settled at Rs 96,472 per 10 grams, registering a decline of 0.82%, whilst silver September futures ended at Rs 1,07,985 per kilogram, showing a decrease of 0.31%.
The volatile trading session saw significant declines in both metals as traders reduced their positions before the FOMC meeting minutes and concerns regarding Trump tariffs. Investors chose to close their long positions ahead of the Federal Reserve's June meeting minutes.
The US President implemented a 25% trade tariff affecting Japan and South Korea, whilst dispatching correspondence to numerous nations regarding potential trade tariffs without trade agreements. Nevertheless, he prolonged the tariff deadline until August 1 for trade deal negotiations.
"Trump's tariff threats supported the dollar index and eased some safe haven buying for precious metals. However, the Chinese central bank's signal for further gold buying and de-dollarization process could continue to support gold prices," said Manoj Kumar Jain of Prithvifinmart Commodity Research, according to an ET report.
The US Dollar Index, DXY, demonstrated movement near 97.69, showing an increase of 0.17 or 0.18%.
"We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and FOMC meeting minutes, but gold prices could hold their support level of $3,240 per troy ounce and silver prices could also hold $35.40 per troy ounce levels on a weekly closing basis," he added.
Trading Strategy for Gold and Silver Markets
Silver September futures began trading marginally lower, declining by Rs 85 or 0.08% to Rs 1,07,900/kg. The white metal's prices have remained relatively stable over the past two weeks, showing a minimal decrease of Rs 70.
On Tuesday, both precious metals closed lower in domestic and international markets. Gold August futures settled at Rs 96,472 per 10 grams, registering a decline of 0.82%, whilst silver September futures ended at Rs 1,07,985 per kilogram, showing a decrease of 0.31%.
The volatile trading session saw significant declines in both metals as traders reduced their positions before the FOMC meeting minutes and concerns regarding Trump tariffs. Investors chose to close their long positions ahead of the Federal Reserve's June meeting minutes.
The US President implemented a 25% trade tariff affecting Japan and South Korea, whilst dispatching correspondence to numerous nations regarding potential trade tariffs without trade agreements. Nevertheless, he prolonged the tariff deadline until August 1 for trade deal negotiations.
"Trump's tariff threats supported the dollar index and eased some safe haven buying for precious metals. However, the Chinese central bank's signal for further gold buying and de-dollarization process could continue to support gold prices," said Manoj Kumar Jain of Prithvifinmart Commodity Research, according to an ET report.
The US Dollar Index, DXY, demonstrated movement near 97.69, showing an increase of 0.17 or 0.18%.
"We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and FOMC meeting minutes, but gold prices could hold their support level of $3,240 per troy ounce and silver prices could also hold $35.40 per troy ounce levels on a weekly closing basis," he added.
Trading Strategy for Gold and Silver Markets
- According to Manoj Kumar Jain's analysis quoted in the report, the key trading levels for precious metals on MCX are:
- For gold trading, watch for support levels at Rs 96,000-95,550, whilst resistance levels are positioned at Rs 96,850-97,200.
- For silver trading, the support levels are established at Rs 1,07,200-1,06,650, whilst resistance levels are set at Rs 1,08,850-1,09,500.
- His specific recommendation for silver trading involves initiating purchases near Rs 1,07,400, setting a stop loss at Rs 1,06,650 (closing basis), whilst aiming for targets between Rs 1,08,800-1,09,400.
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