Gold and silver prices today: Silver gains, yellow metal price closed higher by 0.29% amidst dollar weakness

Gold prices on the Multi Commodity Exchange (MCX) opened on Wednesday at Rs 58,410 per 10 grams and hit an intraday low of Rs 58,408. In the international market, prices hovered around $1,925.75 per troy ounce. Meanwhile, silver opened on Wednesday at Rs 70,437 per kg and hit an intraday low of Rs 70,358 on the MCX. The price hovered around $22.99 per troy ounce in the international market.

Last Wednesday, Gold prices on MCX opened at Rs 58,176 per 10 grams. In the international market, prices hovered around $1,921.11 per troy ounce. Meanwhile, silver opened at Rs 69,569 per kg on the MCX. The price hovered around $22.96 per troy ounce in the international market.

Anuj Gupta, Vice President of IIFL Securities, said, "As expected, yesterday gold prices closed higher by 0.29% at 58440 levels on the back of weakness in the dollar. Lower level buying emerging in the bullions due to the expectation of a cut in interest rates by FOMC. The market is waiting for FOMC minutes for further direction in gold. Investment demand is seen in gold as traders diversify their portfolios from the equity earnings. In the international market, it is trading at $1924 levels per ounce."

He sees technically strong support at 58200 levels and then 58000 levels, resistance at 58700 and then 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 $1935 to $1940 levels in international markets.

Gold

YTD 6.31%, 3468 levels

MTD 0.52%, 304 levels

Silver

YTD 1.66%, 1150 levels

MTD 0.71%, 500 levels

Additionally, Amit Khare, Associate Vice President(Research) at Ganganagar Commodity Limited, said, "MCX Gold and Silver gave positive closing yesterday. August Gold closed at 58409(0.20%), and September Silver closed at 70542(0.36%). Bullion charts are trading at an oversold zone, and a 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 70000/69400 and Resistance 70900/71300.

Gold held steady ahead of the release of the U.S. Federal Reserve's latest monetary policy meeting minutes and other economic data, with a firmer dollar keeping prices in check. Yesterday's Volatility was a bit lower on the back of the U.S. independence day holiday.

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, "Major central banks globally have delivered the biggest number of monthly interest rate hikes year-to-date in June, surprising markets and flagging more tightening ahead as policymakers grapple to get the upper hand in the battle against inflation, weighing on the safe haven assets. Investors will look out for minutes of the June 13-14 FOMC meeting when the central bank held rates steady at 5%-5.25% and signalled the need to deliver at least two more quarter-point interest rate hikes before the end of the year. Weaker than expected US economic data, including PMIs, have supported gold. Market participants will closely track upcoming U.S. job markets, which could further clarify the economy and Fed's interest rate path."