gold price
Gold prices rose on MCX on Monday as international bullion prices rose. Gold prices on MCX have fallen by over 4% so far in July and analysts believe that the recent fall in prices could be a good opportunity to buy gold.
Gold price on MCX rose Rs 249, or 0.37 per cent, to Rs 68,435 per 10 grams, while silver price on MCX rose Rs 684, or 0.84 per cent, to Rs 82,055 per kg. In the international commodities market, spot gold rose 0.4 per cent to $2,394.88 per ounce, while US gold futures rose 0.5 per cent to $2,393.20.
These figures give indications
Gold prices in India fell last week on the back of the government’s customs duty cut in the Union Budget 2024 and concerns over demand in China. Better-than-expected US second-quarter GDP and jobless claims data have also put pressure on gold prices. In early July, the gold price on MCX was hovering around Rs 71,600 per 10 grams and it touched a high of around Rs 74,730 in the mid-month. However, post-Budget 2024, gold prices fell sharply and last week hit a multi-month low of around Rs 67,400.
Because of this there is hope for an increase.
However, gold prices are expected to rise due to short covering and some positive global and domestic factors. Kedia Advisory Director Ajay Kedia said that rising expectations of an interest rate cut by the US Federal Reserve, weakening US dollar index, rising global geopolitical tensions and rising physical demand in domestic markets after tariff adjustment are driving the yellow metal. These are the main factors supporting prices. Speaking about the silver price, Kedia said that there is disappointment in the silver market due to weak data from China. The gold-silver ratio has also risen rapidly and is hovering around the 85 level, indicating that gold will outperform silver.
This will decide the future price.
Kedia said that fluctuations in gold prices are likely to be high. The support price for gold may be Rs 67,000 and the resistance at Rs 69,800. For silver, it is likely to be Rs 80,200 and Rs 85,600. Jigar Trivedi, senior research analyst, currency and commodities, Reliance Securities, said that MCX gold has fallen by more than 4% so far in July, while on the other hand, Comex gold has risen by around 2.9%. This week is important for gold prices as some global central banks, including the US Federal Reserve, will announce their monetary policies.
