Gold and silver prices today: Yellow metal hits three-week high
Price increased by 0.09% on the back of weakness in the dollar
- Jul 14, 2023,
- Updated Jul 14, 2023 10:17 AM IST
Gold prices opened on the Multi Commodity Exchange (MCX) on Thursday at Rs 59,264 per 10 grams and hit an intraday low of Rs 59,253. In the international market, prices hovered around $1,960.22 per troy ounce. Meanwhile, silver opened at Rs 75,480 per kg and hit an intraday low of Rs 75,480 on the MCX. The price hovered around $24.22 per troy ounce in the international market.
Anuj Gupta, Vice President of IIFL Securities, said, "As expected yesterday, gold prices increased by 0.09% and closed at three-week high levels at 59238 levels on the back of weakness in the dollar. The dollar index is trading at 15 months low level at 99.24 levels. We expect the Dollar index to go down further and test 99 to 97 levels. In the international market, it is trading at $1963 levels per ounce.
He sees technically strong support at 58900 levels and then 58650 levels, Resistance at 59500 and then 59800 levels. Today, one can buy on dips around 58900-59000 levels with a stop-loss of 58650 and for the target of 59500 to 59700 levels. Gold may test $1970 to $1975 levels in international markets.
Gold prices were set for their biggest weekly gain since April, as the U.S. dollar hovered close to a more than one-year low on bets the Federal Reserve will soon hit the brakes on interest rate hikes.
Manav Modi, Analyst, Commodity and Currency, MOFSL, said, "The dollar index touched its lowest level since April 2022, making gold less expensive for overseas investors, while the yield on 10-year U.S. Treasury notes held close to a two-week low hit in the previous session. US CPI data released earlier this week was reported at 3% against the previous data of 4%. Core CPI also witnessed signs of easing."
Data on Thursday showed U.S. producer prices barely rose in June. The number of Americans filing new claims for unemployment benefits unexpectedly fell sharply last week, indicating the labour market remained tight, capping some gains for metal prices.
"Federal Reserve Governor Christopher Waller said on Thursday he’s not ready to call an all-clear on U.S. inflation and favours more rate hikes this year, saying the upcoming July meeting should bring an increase. CME Fed-Watch tool continues to show a higher probability of a 25bps rate hike in the July and Sept Fed meet. Focus today will be on Michigan consumer sentiment data," added Modi.
Amit Khare, Associate Vice President of Research at Ganganagar Commodity Limited (GCL), said, "MCX Gold and Silver gave positive closing yesterday. August Gold closed at 59239(0.08%), and September Silver closed at 75326(2.45%). Bullion charts show strength and good upside movement 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 given resistance levels: Gold August Support 58900/58700 and Resistance 59400/59600. Silver September Support 74000/73000 and Resistance 75500/76000.
Gold prices opened on the Multi Commodity Exchange (MCX) on Thursday at Rs 59,264 per 10 grams and hit an intraday low of Rs 59,253. In the international market, prices hovered around $1,960.22 per troy ounce. Meanwhile, silver opened at Rs 75,480 per kg and hit an intraday low of Rs 75,480 on the MCX. The price hovered around $24.22 per troy ounce in the international market.
Anuj Gupta, Vice President of IIFL Securities, said, "As expected yesterday, gold prices increased by 0.09% and closed at three-week high levels at 59238 levels on the back of weakness in the dollar. The dollar index is trading at 15 months low level at 99.24 levels. We expect the Dollar index to go down further and test 99 to 97 levels. In the international market, it is trading at $1963 levels per ounce.
He sees technically strong support at 58900 levels and then 58650 levels, Resistance at 59500 and then 59800 levels. Today, one can buy on dips around 58900-59000 levels with a stop-loss of 58650 and for the target of 59500 to 59700 levels. Gold may test $1970 to $1975 levels in international markets.
Gold prices were set for their biggest weekly gain since April, as the U.S. dollar hovered close to a more than one-year low on bets the Federal Reserve will soon hit the brakes on interest rate hikes.
Manav Modi, Analyst, Commodity and Currency, MOFSL, said, "The dollar index touched its lowest level since April 2022, making gold less expensive for overseas investors, while the yield on 10-year U.S. Treasury notes held close to a two-week low hit in the previous session. US CPI data released earlier this week was reported at 3% against the previous data of 4%. Core CPI also witnessed signs of easing."
Data on Thursday showed U.S. producer prices barely rose in June. The number of Americans filing new claims for unemployment benefits unexpectedly fell sharply last week, indicating the labour market remained tight, capping some gains for metal prices.
"Federal Reserve Governor Christopher Waller said on Thursday he’s not ready to call an all-clear on U.S. inflation and favours more rate hikes this year, saying the upcoming July meeting should bring an increase. CME Fed-Watch tool continues to show a higher probability of a 25bps rate hike in the July and Sept Fed meet. Focus today will be on Michigan consumer sentiment data," added Modi.
Amit Khare, Associate Vice President of Research at Ganganagar Commodity Limited (GCL), said, "MCX Gold and Silver gave positive closing yesterday. August Gold closed at 59239(0.08%), and September Silver closed at 75326(2.45%). Bullion charts show strength and good upside movement 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 given resistance levels: Gold August Support 58900/58700 and Resistance 59400/59600. Silver September Support 74000/73000 and Resistance 75500/76000.