Gold and silver prices today: Yellow metal flat in early futures trade
Experts say investors' focus will now shift to the US Labor Department's data releases on Thursday before Friday's non-farm payrolls report
- Jul 6, 2023,
- Updated Jul 6, 2023 9:43 AM IST
Gold prices on the Multi Commodity Exchange (MCX) opened on Thursday at Rs 58,638 per 10 grams and hit an intraday low of Rs 58,435. In the international market, prices hovered around $1,917.75 per troy ounce. Meanwhile, silver opened at Rs 71,357 per kg and hit an intraday low of Rs 71,265 on the MCX. The price hovered around $23.18 per troy ounce in the international market.
Anuj Gupta, Vice President of IIFL Securities, said, "As expected, gold prices closed higher by 0.06% at 58476 levels yesterday due to fresh demand for the metals. Lower level buying emerging in the bullions due to the expectation of a cut in interest rates by FOMC. They will watch the US Market data in the recent minutes to decide on interest rates. Investment demand is seen in gold as traders diversify their portfolios from the equity earnings. In the international market, it is trading at $1920 levels per ounce.
He sees technically strong support at 58200 levels, then 58000 levels, and Resistance at 58700 and 59000 levels. For today One can buy around 58200-58300 levels with a stop-loss of 58000 and for the target of 58600 to 58700 levels. Gold may test $1930 to $1935 levels in international markets.
Gold
Ytd 6.37%, 3504 levels
Mtd 0.52%, 301 levels
Silver
Ytd 2.89%, 2005 levels
Mtd 1.94%, 1355 levels
Amit Khare, Associate Vice President (Research) at Ganganagar Commodity Limited, said, "MCX Gold and Silver gave positive closing yesterday. August Gold closed at 58473(0.10%), and September Silver closed at 71357(1.17%), Bullions charts are trading at an oversold zone, and good short covering is possible in the near term. Momentum Indicator RSI also indicates the same. So traders are advised to create fresh buy positions in Gold and Silver near the given support level one with the stop loss of support level two and book near the given resistance levels:
Gold August Support 58280/58000 and Resistance 58560/58750. Silver September Support 70700/69900 and Resistance 71600/72000."
Gold prices were flat in the early morning trade as investors digested minutes from the Federal Reserve's latest meeting, looking for a raft of economic data that could influence the U.S. central bank's policy trajectory.
Manav Modi, Analyst, Commodity and Currency, MOFSL, said, "FOMC minutes showed a united Fed agreed to hold interest rates steady at the June meeting as a way to buy time and assess whether further rate hikes would be needed. Federal official John Williams mentioned that it was the right move for the central bank to hold rates steady, while hinting at some point it may have to raise rates again. Traders also closely watched updates about China's export controls on semiconductor metals as it ramps up a tech fight with the United States ahead of Treasury Secretary Janet Yellen's Beijing visit. Investors' focus now shifts to the U.S. Labor Department's, JOLTS, ADP, jobless claims on Thursday before Friday's non-farm payrolls report."
Gold prices on the Multi Commodity Exchange (MCX) opened on Thursday at Rs 58,638 per 10 grams and hit an intraday low of Rs 58,435. In the international market, prices hovered around $1,917.75 per troy ounce. Meanwhile, silver opened at Rs 71,357 per kg and hit an intraday low of Rs 71,265 on the MCX. The price hovered around $23.18 per troy ounce in the international market.
Anuj Gupta, Vice President of IIFL Securities, said, "As expected, gold prices closed higher by 0.06% at 58476 levels yesterday due to fresh demand for the metals. Lower level buying emerging in the bullions due to the expectation of a cut in interest rates by FOMC. They will watch the US Market data in the recent minutes to decide on interest rates. Investment demand is seen in gold as traders diversify their portfolios from the equity earnings. In the international market, it is trading at $1920 levels per ounce.
He sees technically strong support at 58200 levels, then 58000 levels, and Resistance at 58700 and 59000 levels. For today One can buy around 58200-58300 levels with a stop-loss of 58000 and for the target of 58600 to 58700 levels. Gold may test $1930 to $1935 levels in international markets.
Gold
Ytd 6.37%, 3504 levels
Mtd 0.52%, 301 levels
Silver
Ytd 2.89%, 2005 levels
Mtd 1.94%, 1355 levels
Amit Khare, Associate Vice President (Research) at Ganganagar Commodity Limited, said, "MCX Gold and Silver gave positive closing yesterday. August Gold closed at 58473(0.10%), and September Silver closed at 71357(1.17%), Bullions charts are trading at an oversold zone, and good short covering is possible in the near term. Momentum Indicator RSI also indicates the same. So traders are advised to create fresh buy positions in Gold and Silver near the given support level one with the stop loss of support level two and book near the given resistance levels:
Gold August Support 58280/58000 and Resistance 58560/58750. Silver September Support 70700/69900 and Resistance 71600/72000."
Gold prices were flat in the early morning trade as investors digested minutes from the Federal Reserve's latest meeting, looking for a raft of economic data that could influence the U.S. central bank's policy trajectory.
Manav Modi, Analyst, Commodity and Currency, MOFSL, said, "FOMC minutes showed a united Fed agreed to hold interest rates steady at the June meeting as a way to buy time and assess whether further rate hikes would be needed. Federal official John Williams mentioned that it was the right move for the central bank to hold rates steady, while hinting at some point it may have to raise rates again. Traders also closely watched updates about China's export controls on semiconductor metals as it ramps up a tech fight with the United States ahead of Treasury Secretary Janet Yellen's Beijing visit. Investors' focus now shifts to the U.S. Labor Department's, JOLTS, ADP, jobless claims on Thursday before Friday's non-farm payrolls report."