Gold and silver prices today: Yellow metal inches lower as dollar strengthens
Investors bet on US Federal Reserve continuing to hold rates
- Jul 17, 2023,
- Updated Jul 17, 2023 9:35 AM IST
Gold prices opened on the Multi Commodity Exchange (MCX) on Monday at Rs 59,147 per 10 grams and hit an intraday low of Rs 59,145. In the international market, prices hovered around $1,955.32 per troy ounce. Meanwhile, silver opened at Rs 75,551 per kg and hit an intraday low of Rs 75,501 on the MCX. The price hovered around $24.95 per troy ounce in the international market."
Manav Modi, Analyst, Commodity and Currency. MOFSL said, "Gold price inched lower as the dollar strengthened, while investors largely bet on the U.S. Federal Reserve hitting the brakes soon on interest rate hikes."
Anuj Gupta, Vice President of IIFL Securities, said, "Last week gold increased by 0.92% and closed at 3 week's high level at 59,334 levels. Silver increased by 6.53% and closed two-month high of 75,990 levels. The trend of gold and silver is positive."
The inflation data over the past three days suggested the Federal Reserve might step back sooner than expected from using its rate cudgel, gold also taking positive cues from higher oil prices. Silver rallied as it took its cue from gold.
Gupta sees next week's gold Support at 59000 and then 58900-59000 levels while resistance at 60000 and 60800 levels. One can buy gold around 58800 to 59000 with a stop-loss of 58500 for the target of 60000 to 60200 levels. Internationally it may test $1980 to $1990 levels.
The dollar edged up slightly above its April 2022 lows, while US 10Y yields continue to trade below the 4% mark. Last week's U.S. data showed that consumer prices grew at their slowest pace in more than two years, producer inflation saw the smallest increase in nearly three years, and consumer sentiment jumped to the highest level in nearly two years. Modi said, "Interest rate futures showed markets mostly priced in another rate hike from the Federal Open Market Committee at its July 25-26 meeting. However, Fed Governor Christopher Waller mentioned he was not ready to call an all-clear on inflation and favours rate hikes this year, a sentiment reflected in June’s FOMC minutes. A series of data from China today reported in the earlier session today we're reported weaker than expected, weighing on industrial metals, including silver. This week's focus will be on US Retail sales, IIP and CPI from UK & EU."
Additionally, 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 59316(0.14%). September Silver closed at 75968(0.87%), Bullions daily charts are now showing some profit booking, and Momentum Indicator RSI also indicating the same, So traders are advised to book profit in longs and can create fresh short positions in Gold and Silver near given residence level one with the stop loss of resistance level two and book near given support levels: Gold August Support 59100/58900 and Resistance 59400/59600. Silver September Support at 75000/74000 and Resistance at 76000/76800.
Gold prices opened on the Multi Commodity Exchange (MCX) on Monday at Rs 59,147 per 10 grams and hit an intraday low of Rs 59,145. In the international market, prices hovered around $1,955.32 per troy ounce. Meanwhile, silver opened at Rs 75,551 per kg and hit an intraday low of Rs 75,501 on the MCX. The price hovered around $24.95 per troy ounce in the international market."
Manav Modi, Analyst, Commodity and Currency. MOFSL said, "Gold price inched lower as the dollar strengthened, while investors largely bet on the U.S. Federal Reserve hitting the brakes soon on interest rate hikes."
Anuj Gupta, Vice President of IIFL Securities, said, "Last week gold increased by 0.92% and closed at 3 week's high level at 59,334 levels. Silver increased by 6.53% and closed two-month high of 75,990 levels. The trend of gold and silver is positive."
The inflation data over the past three days suggested the Federal Reserve might step back sooner than expected from using its rate cudgel, gold also taking positive cues from higher oil prices. Silver rallied as it took its cue from gold.
Gupta sees next week's gold Support at 59000 and then 58900-59000 levels while resistance at 60000 and 60800 levels. One can buy gold around 58800 to 59000 with a stop-loss of 58500 for the target of 60000 to 60200 levels. Internationally it may test $1980 to $1990 levels.
The dollar edged up slightly above its April 2022 lows, while US 10Y yields continue to trade below the 4% mark. Last week's U.S. data showed that consumer prices grew at their slowest pace in more than two years, producer inflation saw the smallest increase in nearly three years, and consumer sentiment jumped to the highest level in nearly two years. Modi said, "Interest rate futures showed markets mostly priced in another rate hike from the Federal Open Market Committee at its July 25-26 meeting. However, Fed Governor Christopher Waller mentioned he was not ready to call an all-clear on inflation and favours rate hikes this year, a sentiment reflected in June’s FOMC minutes. A series of data from China today reported in the earlier session today we're reported weaker than expected, weighing on industrial metals, including silver. This week's focus will be on US Retail sales, IIP and CPI from UK & EU."
Additionally, 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 59316(0.14%). September Silver closed at 75968(0.87%), Bullions daily charts are now showing some profit booking, and Momentum Indicator RSI also indicating the same, So traders are advised to book profit in longs and can create fresh short positions in Gold and Silver near given residence level one with the stop loss of resistance level two and book near given support levels: Gold August Support 59100/58900 and Resistance 59400/59600. Silver September Support at 75000/74000 and Resistance at 76000/76800.