Gold Rate Today, Gold Price in India on 23 July 2023, Gold prices gained marginally on a weaker dollar. On the Multi Commodity Exchange, gold August futures were trading at Rs 59,081 per 10 grams, up by Rs 5 or 0.01%.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices gained marginally on Tuesday, while the silver rates rose 0.23%. On the Multi Commodity Exchange, gold August futures were trading at Rs 59,081 per 10 grams, up by Rs 5 or 0.01%. Silver September futures were trading up by Rs 171 at Rs 74,267 per kg on MCX.
Gold prices rose on Tuesday on a weaker dollar, while traders awaited a widely anticipated rate hike along with monetary policy clues from the U.S. Federal Reserve over the next two days, according to Reuters. Spot gold rose 0.4% to $1,961.74 per ounce, while U.S. gold futures climbed 0.1% to $1,963.40.
Gold to remain volatile
“Gold and silver prices ended lower on Monday, impacted by the continuing recovery in the U.S. dollar index after having hit a 15-month low last week and crossed the 101 mark once again. Bullion prices were under pressure as the U.S. flash PMI showed a gloomy picture of the US economic activity. The market is waiting for further cues from the U.S. Fed and Chairman Jerome Powell on the monetary policy and interest rates,” said Rahul Kalantri, VP Commodities, Mehta Equities.
“We expect gold and silver to remain volatile in today’s session. Gold has support at $1942-1930 while resistance is at $1964-1976. Silver has support at $24.15-24.00, while resistance is at $24.48-24.62. In INR terms gold has support at Rs 58,870, 58,720. while resistance is at Rs 59,270, 59,450. Silver has support at Rs 73,480-73,020, while resistance is at Rs74,440–74,920,” Rahul Kalantri added.
Gold may consolidate ahead of FMOC meeting
“Gold fluctuated within a narrow range on Tuesday, with spot gold at Comex trading up by 0.33% at $1962 per ounce in the morning session. Traders are preparing for interest rate increases from the Federal Reserve and the European Central Bank, as well as any indication of future increases. Meanwhile, the dollar index traded at a near-two-week peak, weighing on precious metals as a stronger dollar makes bullion more expensive for buyers holding other currencies,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.
“We expect that before the outcome of the FMOC meeting, gold prices will likely consolidate in a range with a negative bias. Comex Gold has support at $1950 and resistance at $1980 for the day. MCX Gold August future has support at Rs 58,780 per 10 gram and resistance at Rs 59,320,” Saumil Gandhi added.
Source:financialexpress.com