Gold Prices Today: Yellow metal to witness range-bound movement, selling pressure expected at higher levels

Gold, gold prices

Gold prices were nearly flat on Tuesday in international markets as recent gains in Treasury yields prevented any significant interest in bullion. Spot gold was last up 0.1% at $1,824.65 per ounce by 0056 GMT. US gold futures were flat at $1,824.70.

At 9.44am, gold contracts were trading 0.21 percent higher at Rs 50,757 for 10 grams on the Multi-Commodity Exchange (MCX) while silver gained 0.43 percent to Rs 60,201 a kilogram.

Gold prices traded steady on Tuesday with spot gold prices at COMEX trading marginally up near $1825 per ounce in morning. The yellow metal is trading range-bound on mixed global cues on slowdown worries and larger rate hike expectations from US Fed. Weak equity indices and possible ban on Russian gold has capped downside in gold prices while dollar remained steady, said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

"We expect gold prices to trade sideways to down for the day with COMEX spot gold support at $1810 and resistance at $1840 per ounce. MCX gold August support lies at Rs 50300 and resistance at Rs 50900 per 10 grams," he said.

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Rahul Kalantri, VP, Commodities, Mehta Equities

Gold and silver pared their early gains on Monday as the US pending home sales beat expectations in May. Gold and silver gained in early trade after G7 nations spoke of banning import of Russian gold and imposing more sanctions, but prices slipped again late evening following upbeat US data. Little improvement in investors' risk appetite and uptick in US 10-year bond yields also trimmed gains of precious metals.

Gold has support at $1806-1796, while resistance at $1834-1845. Silver has support at $20.80-20.55, while resistance is at $21.32-21.50. In rupee terms gold has support at Rs 50,370–50,110, while resistance is at Rs 50,940–51,120. Silver has support at Rs 59,580-59,150, while resistance is at Rs 60,520–60,910.

Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart

Precious metals gained yesterday as G-7 nations talk over fresh sanctions on Russia. The US, UK, Japan, and Canada plan to ban import of gold from Russia and consider a full ban on oil import. The US dollar index remained down while benchmark treasury yield gained 2%, which capped the gains of precious metals. In today's session, precious metals prices may remain range-bound whereas the upper range may witness selling pressure. Gold has resistance at Rs 51100 and support at Rs 50400. Silver has resistance at Rs 61000 and support at Rs 59500.

Manoj Kumar Jain, Prithvi Finmart Commodity Research

Gold and silver showed very high volatility on Monday and settled on a mixed note in international markets. Gold August futures contract settled at $1824.80 per troy ounce with a loss of 0.18% while silver September futures contract settled at $21.19 per troy ounce with a gain of 0.27%. Due to weakness in the rupee, both precious metals settled on a slightly positive note in domestic markets.

We expect both precious metals to remain volatile in today’s session. Gold could hold $1800 per troy ounce and silver could hold $20.84 per troy ounce levels on a closing basis. Gold has support at $1814-1800 per troy ounce and resistance at $1835-1850 per troy ounce while silver has support at $20.84-20.55 per troy ounce and resistance at $21.55-21.80 per troy ounce.

At MCX, gold has support at Rs 50440-50300 and resistance at Rs 50800-50980 while silver has support at Rs 60000-59550 and resistance at Rs 61000-61440. We suggest buying gold at around Rs 50500 with a stop loss below Rs 50300 on a closing basis for target of Rs 50850.

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