Investors around the world are waiting for the results of the US Federal Reserve meeting. Before this, there is a period of volatility in the prices of gold and silver. On MCX, the August gold contract was trading at Rs 48,488 per 10 grams with a gain of 0.13 percent at 9.30 am. While July silver futures were trading 0.40 percent higher at Rs 71,535 per kg.
India Gold MCX August futures are trading at a high level from the flat on Wednesday. A Reuters report said that investors around the world are waiting for the results of the US Federal Reserve meeting. The report said that the dollar remained stable against its competitors at a one-month high, making gold more expensive for other currency holders. On the Multi Commodity Exchange (MCX), the August gold contract was trading at Rs 48,488 per 10 grams with a gain of 0.13 percent at 9.30 am. July silver futures were trading 0.40 percent higher at Rs 71,535 per kg.
Gold and silver fell ahead of the outcome of the US Federal Reserve meeting later on Wednesday. Both the metals closed on a weak note in the international markets. Gold August futures contract closed at $ 1856.40 per troy ounce and silver July futures contract at $ 27.69 per ounce. In the domestic markets too, both the precious metals closed on Wecker notes.
The dollar index remained stable ahead of the results of the US Federal Reserve policy meeting, while the benchmark 10-year bond yield climbed again and crossed 1.50%, a Prithvifinmart Commodity Research report said. According to Manoj Kumar Jain, Head – Commodity & Currency Research, Company, "We expect volatility in both the precious metals to remain volatile in Wednesday's session and gold prices are at make or break levels. If it breaks its crucial support of $1,850 per troy ounce, it could show further weakness in the coming session"
According to Manoj, gold can be bought in August futures around Rs 48,200 for a target of Rs 48,660. A stop loss of Rs 47,950 can be imposed for this gold deal. Whereas a target of Rs 71,800 can be found by buying silver near Rs 70,700 in July futures.
On the other hand, according to Abhishek Chauhan, Head, Commodity & Currency, Swastika Investment Limited, we expect gold prices to face selling pressure from higher levels in case of any shortfall news from the US Fed. Especially now inflation is at 4%. He said that we expect that gold prices can trade in the range of 48900-48000 for the next few days. Selling pressure is likely to continue.
Like and Follow us on :
