Gold price were trading flat-to-lower in the domestic market on Friday. On the Multi-Commodity Exchange (MCX), August gold contracts dropped 0.17 per cent to Rs 48,317 for 10 grams at 1000 hours on July 16. Silver saw a significant rise on Friday. September silver futures increased 0.21 per to Rs 69,824 a kilogram.
In the international market, gold prices on Friday edged higher and headed for the fourth straight weekly gain. Spot gold was flat at $1,829.14 per ounce by 0048 GMT, but gained 1.2% so far this week, according to Reuters. US gold futures edged up 0.1% to $1,830.30. Silver was flat at $26.32 per ounce, palladium rose 0.1% to $2,731.96, and platinum dipped 0.1% to $1,136.94, the agency mentioned.
India’s overall gems and jewellery exports rose 92.37% in June to ₹20,851.28 crore, according to the data shared by the Gem and Jewellery Export Promotion Council (GJEPC). The total export of gold jewellery surged 398.70% ₹4,185.10 crore in June compared to ₹839.21 crore in the same period last year. The growth is driven by revived import demand in the leading export market of United States, believed experts.
“International gold and silver have started flat this Friday morning in Asian trade as markets look to fresh triggers. Technically, LBMA Gold has given a sharp breakout above 200-DMA which is placed at $1825 level will continue its bullish momentum up to $1834-$1842 levels. Support is at $1820-$1813 levels. LBMA Silver above $26.40 level will continue its bullish momentum & further could see $26.65-$27.20 levels. Support is at $26.10-$25.70 levels,” said Sriram Iyer, senior research analyst at Reliance Securities.
“Domestic gold and silver prices could start flat Friday, tracking subdued international prices. Technically, MCX Gold August has crossed above 200-DMA which is placed at Rs 48,200 levels with increased in volume activity where if sustain could see upside momentum up to Rs 48,570-48,800 levels,” he added.
Gold Price is witnessing follow up buying during the day and trading near to its 100 DEMA level in basis Fed chair’s statement that rising inflation pressures are transitory. The yellow metal is entering into a seasonal demand period and will try to find fundamental support in a low interest scenario. Gold prices will find new momentum and speculative interest once it starts closing above $1835 an ounce mark. Gold on MCX is also trading positive and eyeing to cross Rs 48,500 level. The sentiments are bullish however we advise new entrants to wait for some correction before making a fresh entry,” Sandeep Matta, founder, TRADEIT Investment Advisor.
“Existing market participants should trail their stop loss and/or must have some hedging against their buying position. Key level for gold August contract – Rs 48,354. Buy zone above – Rs 48,360 for the target of Rs 48,510-48,625. Sell zone below – Rs 48,350 for the target of Rs 48,225-48,175. MCX silver September above Rs 69,500 levels could see a bullish momentum up to Rs 70,900-71,600 levels. Support is at Rs 69,200-68,500 levels,” Matta added.