MCX Gold Rate Opened Higher At 97,600 per 10 grams as against its previous close of 97,357. Silver Price Opened Higher at 1,06,405 per kg as compared to previous close of 1,05,980.
At 9:15 am, Gold price was trading at 97,462 per 10 grams, up by 105, or 0.11%, while mcx silver price was up by 510, or 0.48%, at 1,06,490 per kg.
In the previous session, MCX Gold Price Ended 0.38% Higher, While McX Silver Price Rose 0.11%.
In the International Market, Gold Pries Traded Higher as the Dollar Slumped on Growing Uncertainty after reports suggested us president donald trump Had Considered RePlacking As Early as September or October, Raising Concerns Over the Future Independence of the US Central Bank, Boosting Demand for Safe-Haveen Bullion.
Spot Gold Price was up 0.2% at $ 3,339.20 per oounce, while us gold futures gained 0.3% to $ 3,353.10. Spot silver rose 0.2% to $ 36.36 per oaunce.
The dollar fell to its lowest level since March 2022, Making Greenback-priced Gold Less Expected Expensive For Overseas Buyers.
“Gold prices found support as the dollar index dropped to its lowest in over three years, Driven by Weak Us Consumer Confidence Data and Recession CONCERNS And ongoing russia-rukraine tensions added to the bulish undertone.
Donald Trump Called Powell “Terrible” and Said He is Considering Three or four potential candidates to lead the Central Bank. According to a report by the wall street journey, trump is even weighting the possible weight of Naming Powell’s Potanical Successor as Early as September or OCTOBER.
Meanwhile, Jerome Powell Told a Us Senate Panel on Whneesday That While Trump’s Tarifs May Cause a One-Time Price Hike, The Risk of Persignant Information is Significant for the Center for the Center be cautious about further rate cuts.
” Iran and israel appeared to be Holding, Concerns Lingred Over Its Durability, “said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Bullion tends to do well during periods of uncertainty and in a low-interest-also environment.
Investors will now watch out for us gdp data due to later in the day, while also keeping a watch for data on personal consumption expertures (pce) on Friday.
Gold Price Outlook
According to Rahul Kalantri, Gold Pries Have Support at $ 3,310-3,287, While Resistance at $ 3,360-3,375. Silver price has support at $ 36.00-35.70, while resistance is at $ 36.55-36.75.
“MCX Gold Price has support at 96,950 – 96,680, while resistance is seen at 97,850 – 98,200. Silver price has support at 1,05,380 – 1,04,600, while resistance at 1,06,950 – 1,07,800, “Kalantri said.
Jigar Trivedi Believes McX Gold August Futures May Appreciate to 97,800 per 10 grams, with support 97,000 Level.
Disclaimer: The views and recommendations made about individual analysts or broking companies, and not of Mint. We Advise Investors to Check With Certified Experts Before Making Any Investments Decisions.
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