Gold Price Today: Yellow metal opens at Rs 71,650 per 10 grams, Silver at Rs 89,152/kg

MCX Gold August futures contracts on Tuesday opened 0.28% or Rs 200 higher at Rs 71,650 per 10 grams while silver July contracts opened 0.37% or Rs 332 higher at Rs 89,152/kg as both metals traded flat.

Gold and silver prices recovered from their lows amid bargain buying at lower levels as domestic and international markets settled on a slightly positive note. Bullion has risen about 13% this year, hitting records due to optimism about US monetary easing in 2024, geopolitical risks, and buying from central banks and Chinese consumers.

MCX gold August futures contract settled at Rs 71,499 per 10 grams with a gain of 0.07% while silver July futures contract settled at Rs 88,865 per kg with a gain of 0.05%.

Gold and silver prices showed very high price volatility last week as prices fell after the U.S. Fed meeting outcomes but recovered from their lows on Friday after a surge in the U.S. jobless claims and the U.S. University of Michigan inflation expectations at 3.3%.

Today, the US Dollar Index, DXY, was hovering near the 105.40 mark, rising 0.08 or 0.08%.

“Today's major US data on tap include retail sales advance (May) and industrial production (May). A softer-than-expected retail sales report may help the metal recoup some of its losses. However, traders will pay attention to the Fedspeak, too, as they would want to assess the rigidity of the hawkish FOMC outcome,” said Praveen Singh, Associate VP, of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas.

“On the daily timeframe, MCX Gold (August) is trading above its rising trend line. A break above 71,900 could trigger further bullish sentiments. The price is currently above the 50 EMA, which serves as support, indicating strength. Key resistance levels to watch are 71,900 and 72,500, while support levels are at 70,900 and 70,082”, said Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies

Intraday strategy by Neha Qureshi:

– Buy MCX AUGUST Gold futures at Rs 71700 with a stop loss of Rs 71300 and a price target of Rs 72300

– Buy MCX JULY Silver futures at Rs 89300 with a stop loss of Rs 88300 and a price target of Rs 91300

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)