Continuing the journey of the downside trend, gold August futures contracts at MCX opened near its support at Rs 71,446 per 10 gram, down by Rs 126 or 0.18% while MCX silver July futures opened at Rs 87,180/kg as the prices fell by Rs 4,400 in the month of June so far.
On Thursday, gold and silver settled on a positive note in the international as well the domestic market. On MCX, gold August futures contract settled at Rs 71,572 per 10 grams with a gain of 0.68% and silver july futures contract settled at Rs87,048 per kilogram with a gain of 0.10%
The third and final estimate of the U.S. first quarter GDP shows that GDP grew by 1.4% against second estimated data of 1.3% but it clearly reflects that the consumer is struggling in a higher interest rate trajectory. The U.S. trade deficits also widened to $100.6 billion in the month of May and supported gold and silver prices.
Today, the US Dollar Index, DXY, was hovering near the 106.05 mark, rising 0.14 or 0.13%.
“We expect gold and silver prices to remain volatile in today’s session ahead of the U.S. core personal consumption expenditure data and volatility in the dollar index. Gold and silver prices could hold its support levels of $2288 and $28.50 per troy ounce respectively on a weekly closing basis,” said Manoj Kumar Jain of Prithvifinmart Commodity ResearchIntraday ranges for gold and silver by Manoj Kumar Jain
- At mcx, gold is having support at 71,330-71,100 and resistance at 71,800-72,040
- Silver is having support at 86,500-85,950 and resistance at 87,700-88,350.
Jain suggests buying silver on dips around 86,550 with a stop loss of 85,900 for the target of 88,000.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)