Gold and silver prices today: Yellow metal dips 0.12%, Silver slips 3.53% MTD
Experts say focus today will be on UK GDP, EU inflation, and US core PCE price index data
- Jun 30, 2023,
- Updated Jun 30, 2023 12:09 PM IST
Gold prices on the Multi Commodity Exchange (MCX) opened on Friday at Rs 57,980 per 10 grams and hit an intraday low of Rs 57,962. In the international market, prices hovered around $1,908.15 per troy ounce. Meanwhile, Silver opened on Friday at Rs 68,299 per kg and hit an intraday low of Rs 68,299 on the MCX. The price hovered around $22.57 per troy ounce in the international market.
Last Friday, Gold prices on MCX opened lower at Rs 58,136 per 10 grams. In the international market, prices hovered around $1,914.10 per troy ounce. Meanwhile, Silver opened at Rs 67,784 per kg on the MCX. The price hovered around $22.14 per troy ounce in the international market.
Gold tumbled to near three-month lows as better-than-expected economic data from the US supported the rate hike dialogue. Yet, traders awaited cues from Federal Reserve Chair Jerome Powell and more economic data for clarity on the path ahead in terms of rate hikes.
Anuj Gupta, Vice President of IIFL Securities, said, "[On Wednesday] gold prices closed lower by 0.12% 58002 levels due to strength in the dollar index. We saw a positive trend in the dollar index after positive GDP DATA; Positive Unemployment claims increased the positive sentiments for the US economy. The dollar index recovered from lower levels on the back of positive data. The international market trades at $1908 levels per ounce."
The Gold is now looking at a sustained drop below the key $1,900 support level. Here is what analysts say could trigger some technical selling.
Gupta sees technically strong support at 57700 levels and then 57400 levels, Resistance at 58300 and then 58700 levels. Today, one can sell around 58300-58400 levels with a stop-loss of 58700 and for the target of 57700 to 57500 levels. Gold may test $1910 to $1905 or may see $1900 levels in international markets.
Gold and silver prices continued to inch lower and were nursing steep losses for June as strong U.S. economic data pushed up risk appetite and increased concerns over more interest rate hikes by the Fed.
Manav Modi, Analyst, Commodity and Currency, MOFSL, said, "A sharp upward revision in U.S. GDP data showed that the world's largest economy was more resilient than expected, denting gold's safe-haven appeal. It also raised concerns that the Fed will have enough economic headroom to keep raising rates- a scenario that also heralds more pressure on gold. Earlier this week, we also had the U.S. consumer confidence data, which was reported than expectations above the 100 mark. Strength in the dollar- which hit a two-week high and up-move in U.S. Yields after the positive GDP data and Powell's comments- also pressured bullion prices. Also, along with the Fed, hawkish signals from the ECB and the BOE pressured the safe-haven metal. Industrial metals also witnessed some pressure on the higher side, weighing further on silver prices. Focus today will be on UK GDP, EU CPI, and U.S. Core PCE price index data."
Gold prices on the Multi Commodity Exchange (MCX) opened on Friday at Rs 57,980 per 10 grams and hit an intraday low of Rs 57,962. In the international market, prices hovered around $1,908.15 per troy ounce. Meanwhile, Silver opened on Friday at Rs 68,299 per kg and hit an intraday low of Rs 68,299 on the MCX. The price hovered around $22.57 per troy ounce in the international market.
Last Friday, Gold prices on MCX opened lower at Rs 58,136 per 10 grams. In the international market, prices hovered around $1,914.10 per troy ounce. Meanwhile, Silver opened at Rs 67,784 per kg on the MCX. The price hovered around $22.14 per troy ounce in the international market.
Gold tumbled to near three-month lows as better-than-expected economic data from the US supported the rate hike dialogue. Yet, traders awaited cues from Federal Reserve Chair Jerome Powell and more economic data for clarity on the path ahead in terms of rate hikes.
Anuj Gupta, Vice President of IIFL Securities, said, "[On Wednesday] gold prices closed lower by 0.12% 58002 levels due to strength in the dollar index. We saw a positive trend in the dollar index after positive GDP DATA; Positive Unemployment claims increased the positive sentiments for the US economy. The dollar index recovered from lower levels on the back of positive data. The international market trades at $1908 levels per ounce."
The Gold is now looking at a sustained drop below the key $1,900 support level. Here is what analysts say could trigger some technical selling.
Gupta sees technically strong support at 57700 levels and then 57400 levels, Resistance at 58300 and then 58700 levels. Today, one can sell around 58300-58400 levels with a stop-loss of 58700 and for the target of 57700 to 57500 levels. Gold may test $1910 to $1905 or may see $1900 levels in international markets.
Gold and silver prices continued to inch lower and were nursing steep losses for June as strong U.S. economic data pushed up risk appetite and increased concerns over more interest rate hikes by the Fed.
Manav Modi, Analyst, Commodity and Currency, MOFSL, said, "A sharp upward revision in U.S. GDP data showed that the world's largest economy was more resilient than expected, denting gold's safe-haven appeal. It also raised concerns that the Fed will have enough economic headroom to keep raising rates- a scenario that also heralds more pressure on gold. Earlier this week, we also had the U.S. consumer confidence data, which was reported than expectations above the 100 mark. Strength in the dollar- which hit a two-week high and up-move in U.S. Yields after the positive GDP data and Powell's comments- also pressured bullion prices. Also, along with the Fed, hawkish signals from the ECB and the BOE pressured the safe-haven metal. Industrial metals also witnessed some pressure on the higher side, weighing further on silver prices. Focus today will be on UK GDP, EU CPI, and U.S. Core PCE price index data."