In Delhi, 22-carat gold price was down by Rs 100 to Rs 55,400 per 10 grams, while 24-carat gold was at Rs 60,430 per 10 grams
Gold prices on Monday, July 31, were lower marginally amid weak demand in the spot market. In Delhi, 22-carat gold price was down by Rs 100 to Rs 55,400 per 10 grams, while 24-carat gold was at Rs 60,430 per 10 grams. Silver was, however, flat at Rs 77,000 per kg.
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In Mumbai, 22-carat and 24-carat gold variants were selling at Rs 55,250 and Rs 60,280 per 10 gm. In Bengaluru, 22-carat gold price also stood at Rs 55,250 per 10 gm, while 24-carat gold was at Rs 60,410. In Kolkata, 22-carat gold was also selling at Rs 55,250. However, 24-carat gold was at Rs 60,280 per 10 grams.
In Noida, the gold price of 22-carat was at Rs 55,400 and that of 24-carat stood at Rs 60,430 per 10 grams. In Agra, the prices were the same. In Bhopal, 22-carat gold stood at Rs 55,300 and 24-carat was at Rs 60,330 per 10 grams. In Patna, the prices were the same.
In the futures market, on the MCX, gold was trading lower by 0.22 per cent to Rs 59,655 per 10 grams for October 5 deliveries, while silver was down by 0.24 per cent to Rs 73,883 per kg for September 5 contracts.
In the international market also, gold was trading lower by 0.28 per cent to $1,955 an ounce, while silver was down by 0.35 per cent to $24.32 an ounce in New York.
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Ravindra V Rao, vice-president and head (commodity research) at Kotak Securities Ltd, said, “COMEX gold prices whipsawed during the previous week and ended with marginal losses, tracking a rebound in the greenback and treasury yields amid better than expected data from US. The major surprise came from US GDP, which expanded by 2.4 per cent in the second quarter, well above market expectations of 1.8 per cent, underscoring the economy’s resilience to higher interest rates.”
He added that resilient US economy and elevated price pressures raised the odds of a September rate hike, increasing the opportunity cost of holding the non-interest-bearing precious metals. US Labour data and ISM PMIs will be in spotlight for this week. Bank of England monetary policy meeting and final PMIs from other major economies will add to the volatility.
“Any signs of strength in US Jobs market or expansion in ISM PMIs might raise the odds of a September hike. Dollar might stay buoyed amid US economic outperformance compared with the peers that might pressurize gold prices in the week, Rao said.
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Rahul Kalantri, vice-president (commodities) of Mehta Equities, said, “We expect gold and silver to remain volatile in today’s session. Gold has support at $1946-1934 while resistance is at $1969-1978. Silver has support at $24.14-23.98, while resistance is at $24.50-24.65. In INR terms gold has support at Rs59,150, 58,980. while resistance is at Rs59,590, 59,670. Silver has support at Rs73,880-73,220, while resistance is at Rs74,940–75,520.”
