Gold and silver prices declined in the Indian markets today after a sharp rise in the previous session. Gold futures fall on MCX from 100 52,055 per 10 grams after increasing approx. 1,000 in the last session. Silver futures down 0,4% 57,767 per kg. In global markets, spot gold fell 0.3% to $1,785.98 an ounce, but remained up more than 1% for the week.
“Gold has also benefited from buying a safe haven amid rising US-China tensions and growing development concerns over Taiwan. While weighing up prices is a scathing comment from Fed officials, concerns about consumer demand in India and China continue to grow. gold etf outflow. After a brief correction indicating positive momentum, gold has moved closer to the level of $1800 an ounce. However, we may see further gains only if the US jobs report disappoints and puts further pressure on the US dollar,” said Ravindra Rao, VP- Head of Commodity Research at Kotak Securities.
Among other precious metals, spot silver fell 0.5% to $20.04 an ounce, while platinum rose 0.9% to $934.44.
Market observers will be closely watching US jobs data for July, which is due later today. Ahead of jobs data, stocks in Europe and US equity futures struggled for direction, while the dollar rebounded from two days of declines.
The above-expected reading could react negatively to expectations that the US central bank will continue to pressurize with jumbo-sized rate hikes. After the July policy meeting, Fed Chairman Jerome Powell indicated that further hikes would be data-dependent.
Yields on 10-year Treasury notes slipped, reducing the opportunity cost of holding interest-free gold. But putting some pressure on the bullion, the US dollar rose.
According to domestic brokerage firm Geojit, the price rise Sleep Might continue while $1760 support remains undisturbed but continued trading below $1730 is a corrective sell signal.
For Silver, a break above $20.50 is necessary for the rally to continue. “Otherwise, there is a possibility of mild selling pressure for the day,” the brokerage said.
“Weight on price concerns about consumer demand in India and China and lack of investor buying despite improving prices. Gold remains at $1800 per ounce level. But we may see further gains only if the US jobs report disappoints putting further pressure on the US dollar,” Kotak Securities said. (with agency input)
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