Gold, Silver Rates Edge Lower; Yellow Metal Holds Rs 51,000

Domestic spot gold of 24 carat purity opened at Rs 51,136 per 10 grams.

New Delhi:

Gold and silver futures fell on Thursday due to signals from international spot prices. On the Multi Commodity Exchange (MCX), gold futures, due for delivery on August 5, were seen at Rs 51,018, down 0.06 per cent from the previous close of Rs 51,051. Silver futures for delivery on July 5 were last down 0.1 per cent at Rs 61,965 from Rs 62,026 at the previous closing price.

According to Mumbai-based industry body India Bullion and Jewelers Association, domestic spot gold of 24 carat purity opened today at Rs 51,136 per 10 grams and silver at Rs 62,048 per kg – both GST (excluding Goods and Services Tax) rates. IBJA).

Foreign exchange rate:

Globally, gold rates were down slightly this week ahead of key US jobs and inflation data halted by a rise in Treasury yields, which could affect the Federal Reserve’s rate-hike roadmap to fight inflation. was.

Spot gold was down 0.1 per cent at $1,851.70 an ounce, while US gold futures were down 0.1 per cent at $1,853.90.

The higher US 10-year Treasury yield makes bullion less attractive to buyers. Gold is considered an inflation hedge, but high interest rates increase the opportunity cost of holding zero-yield bullion.

View analyzer:

Ravi Singh, Vice President & Head of Research, ShareIndia: “Gold gains on US Dollar and tight Fed expectations may continue to put pressure on gold. Buy above zone, target Rs 51,500 – Rs 51,150. Sell below zone – Rs 50,800 50,500 for the target.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “As per technical charts, Gold and Silver are forming a downside. We may see a nice upside movement in coming future. Momentum indicator RSI has also shown an hourly as well as Quoted this. Daily chart. Hence traders are advised to create fresh buy positions near the given support levels. They should focus on the given key technical levels for the day: August Gold closing price of Rs 51,051 , Support 1 – Rs 51,000, Support 2 – Rs 50,850, Resistance 1 – Rs 51,200, Resistance 2 – Rs 51,400. July Silver closing price Rs 62,026, Support 1 – Rs 61,750, Support 2 – Rs 61,500, Resistance 1 – Rs 62,550 , Resistance 2 – Rs 63,100.

Source

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