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Gold Price Today Dips Marginally; Silver Also Slumps. Experts Say Buy on Dips

·3-min read

Gold prices continued to drop on Tuesday, following the global trends. On the Multi-Commodity Exchange (MCX), August gold contracts declined by 0.04 per cent at Rs 49,125 for 10 grams at 16:30 hours. July silver futures were trading 0.53 per cent lower at Rs 71,435 a kilogram.

Gold prices edged lower on Tuesday, weighed down by an uptick in the dollar, while investors cautiously awaited US economic data, according to Reuters.

Spot gold was down 0.2% at $1,895.59 per ounce, as of 0315 GMT. US gold futures were steady at $1,898.60. The dollar index rose 0.1% against its rivals, making gold more expensive for other currency holders, according to Reuters.

“Investors now await the US inflation data later this week for clarity on when the Federal Reserve might start tapering economic support measures. SPDR Gold Trust fund said its holdings fell 0.6% to 1,037.33 tonnes on Monday from 1,043.16 tonnes on Friday. International spot gold and silver prices have started flat this Tuesday morning in Asian trade. Market participants’ focus this week will be on the US consumer price index report that is expected to shed more light on the Federal Reserve’s near-term policy decision,” said Sriram Iyer, senior research analyst at Reliance Securities.

“Technically, LBMA Gold Spot could trade on bullish note where support is at $1892-$1884 levels. Resistance is at $1905-$1912 levels. LBMA Silver could trade in a range of $27.00-$28.65 levels,” he added.

“On the domestic front, MCX Gold August above Rs 49,000 could see a bullish move up to Rs 49,250-49400 levels. Support is at Rs 48,980-48800 levels. MCX Silver July holds a support near Rs 71,000-70,200 levels. Resistance is at Rs 72,100-72,800 levels,” Sriram Iyer, senior research analyst at Reliance Securitie said.

“Gold and silver prices are modestly higher in midday US trading Monday, as traders saw early price pressure as a bargain-buyer opportunity and they stepped up. Still, the safe-have metals see little risk aversion in the global market place at present and that could limit the upside in the near term. August gold futures were last up $6.20 at $1,897.00 and July Comex silver was last up $0.129 at $28.025 an ounce,” said Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.

“Gold and Silver both are overall in up trend, but as per technical charts, we can see some profit booking, So traders are advise to go for short near resistance levels and traders should also focus some important technical levels given below for the day: August Gold closing price Rs 49,143, Support 1 – Rs 48,900, Support 2 – Rs 48,600, Resistance 1 – Rs 49,400, Resistance 2 – Rs 49,800. July Silver closing price Rs 71,839 Support 1 – Rs 71,200, Support 2 – Rs 70,400, Resistance 1 – Rs 72,400, Resistance 2 – Rs 73,200,” Khare added.

“In global market yellow metal is holding on gain and after five months trying to regain $1900 mark and is in bullish trend where daily closing of above $1910 will take the gold price to $1950-$2000 zone in no time. Gold on MCX has closed yesterday around the day high level and our view is bullish in short run however day traders need to be little cautious as stop losses are deep after this stunning rally and expect volatility in day trade. Key level for GOLD August Contract – Rs 48,975. Buy Zone Above – Rs 48,975 for the target of Rs 49,300-49,575. Sell Zone Below – Rs 48,950 for the target of Rs 48,500-48,250,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

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