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Gold Price Today: Yellow metal trades flat, experts say support level at Rs 48,000

Gold has support at Rs 48,055-47,800 and resistance at Rs 48,500-48,720. Silver has support at Rs 67,700-67,100 and resistance at Rs 68,500-69,100 levels, suggest experts.

July 30, 2021 / 10:09 AM IST
Representative image (Source: Shutterstock)

Representative image (Source: Shutterstock)

India Gold MCX August Futures trade flat on Friday tracking muted trend in the international spot prices, but on track for biggest weekly gain in more than two months.

Spot gold was steady at $1,827.28 per ounce, having hit its highest since July 15 at $1,832.40 on Thursday. It was on track for its biggest weekly gain since May 21, having risen 1.4% so far, said a Reuters report.

On the Multi-Commodity Exchange (MCX), August gold contracts were trading 0.06 percent lower at Rs 48,254 for 10 grams at 0930 hours. September silver futures were trading 0.27 percent lower at Rs 68,017 a kilogram.

Track live gold price here

Gold and silver prices climbed after the US Federal Reserve monetary policy meeting and weakness in the dollar index on Thursday. Both the precious metals settled on a positive note in the international markets.


Gold & Silver Rates Yesterday

Thursday, 11th August, 2022

Gold Rate in Mumbai Yesterday

  • 10g of 24K gold in Mumbai
  • 10g of 22K gold in Mumbai

Thursday, 11th August, 2022

Silver Rate in Mumbai Yesterday

  • 10g silver in Mumbai
  • 1kg silver in Mumbai

Gold August futures contract settled at $1831.20 per troy ounce, and Silver September futures contract settled at $25.78 per troy ounce. Both the precious metals settled on a positive note in the domestic markets.

The U.S. Federal Reserve left key interest rates unchanged in its monetary policy meeting on Wednesday. The dollar index slipped below 92 marks on Thursday and supported metal prices.

“Both the precious metals gained after the Fed Chairman press conference, he said the central bank is not in hurry to back off its accommodative monetary policies. Precious metals get support from the latest reading of U.S. GDP miss the second-quarter estimate and showed 6.5% annual growth in the second quarter,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

“We expect both the precious metals to remain volatile in Friday’s session ahead of the bunch of global economic data and could hold its support levels. Gold has support at $1822-1810 per troy ounce and resistance at $1844-1852 per troy ounce; silver is having support at $25.55-25.20 per troy ounce and resistance at $26.00-26.40 per troy ounce,” he said.

Jain further added that at MCX, Gold has support at 48055-47800 and resistance at 48500-48720; silver has support at 67700-67100 and resistance at 68500-69100 levels.

“We suggest buying in gold on dips around 48055 with a stop loss of 47800 for the target of 48550 and in silver around 67700 with a stop loss of 67100 for the target of 69000,” he said.

Technical indicators

Amit Khare, AVP- Research Commodities, Ganganagar Commodities

Gold and Silver prices showed a strong up move on Thursday. On the Multi-Commodity Exchange (MCX), August gold contracts closed higher by 1.48% at Rs 48,281 for 10 grams.

While September contract silver futures closed on Thursday 2.73% higher at Rs 68,200 a kilogram.

August Gold closing price 48,281: Support 1 - 47900, Support 2 - 47600, Resistance 1 - 48500, Resistance 2 - 48700.

September Silver closing price 68,200: Support 1 - 67200, Support 2 - 66200, Resistance 1 - 68700, Resistance 2 - 69200.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

COMEX gold trades marginally lower near $1828/oz after a sharp 1.8% gain yesterday. Gold eased from a 2-week high as the US dollar index stabilized after testing a 1-month low.

However, supporting price is disappointing US economic data, Fed’s less hawkish stance, rising virus concerns and pick up in ETF investor buying.

The general momentum has turned positive for gold amid Fed's stance however any stability in equities may limit any major upside in prices.

Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold and silver prices jumped on Thursday tracking the weakness of the Greenback.

Domestic gold and silver prices ended higher on Thursday, tracking overseas prices.

The U.S. Dollar continued to move lower on Thursday weighed down by the dovish Fed Chairman’s comments and lent support.

Domestic gold and silver prices could start higher this Friday morning, tracking overseas prices.

On the domestic front, MCX Gold October supports are at 48100 and 47900. Resistances are at 48450 and 48600.

MCX Silver September resistances are at 68700 and 69500. Supports are at 67700 and 67000.

Disclaimer: The views and investment tips expressed by experts on are their own and not those of the website or its management. advises users to check with certified experts before taking any investment decisions.
Kshitij Anand is the Editor Markets at Moneycontrol.
first published: Jul 30, 2021 10:09 am
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