Gold prices jumped over Rs 47,000-mark on Tuesday. On the Multi-Commodity Exchange (MCX), gold futures climbed 0.19 per cent at Rs 47,165 for 10 grams at 1030 hours IST on June 22. Silver continued to slump even on Tuesday. July silver futures were down by 0.06 per cent lower at Rs 67,724 a kilogram.
In the international market, gold prices edged higher on Tuesday, as a pullback in the dollar lifted demand for the safe-haven metal. Spot gold was up 0.1% at $1,784.83 per ounce, as of 0054 GMT. US gold futures gained 0.1% at $1,783.90 per ounce, according to Reuters. Silver eased 0.2% to $25.88 per ounce.
“International spot gold and silver prices have started flat this Tuesday morning in Asian trade ahead of Fed Chairman Powell testimony tonight. Technically, LBMA Gold Spot supports are at $1770 and $1758. Resistances are at $1791 and $1800. LBMA Silver supports are at $25.641 and $25.336. Resistances are at $26.166 and $26.386,” said Sriram Iyer, senior research analyst at Reliance Securities.
“Market participants will listen now to congressional speeches from a number of US central bank officials, including Fed Chair Jerome Powell, who is due to speak on Tuesday,” he added.
“Domestic gold and silver prices could start flat on Tuesday morning, tracking overseas prices. On the domestic front, MCX Gold August supports are at Rs 46,753 and Rs 46,432. Resistances are at Rs 47,275 and Rs 47,476. MCX Silver July holds a support near Rs 66,942 and Rs 66,122. Resistances are at Rs 68,268 and Rs 68,774,” he added.
“Gold has found some relief from the ECB as it’s reiterated the central bank’s stance that it is not ready to look at tightening its monetary policy anytime soon. ECB President Christine Lagarde, mentioned that inflation is being driven by temporary factors and should start to fade through half of the year. Most of gold’s panic selling seems now done, however the precious metal will remain sensitive to new macro data, especially employment and inflation, new Fed annotations, the US dollar price performance and the US Treasury yields,” said Sandeep Matta, founder, TRADEIT investment advisor.
In the domestic market, “We anticipate short term recovery in the market till Rs 47,650 until it’s trading above the levels of Rs 46,900 on daily basis. Key level for gold August contract is Rs 46,952. Buy Zone above Rs 46,935 for the target of Rs 47,270-47,475. Sell zone below Rs 46,925 for the target of Rs 46,748-46,530, said Matta.
Read all the Latest News, Breaking News and Coronavirus News here
Source: News18