Today’s gold and silver prices started out higher but quickly fell back, indicating cautious movement as investors awaited this week’s critical publication of US inflation data. Today’s gold price started out lower but quickly gained momentum, rising to an intraday high of $60,989 per 10 gm on the MCX. Similar to gold, silver’s price opened higher today and reached an intraday high of 77,173 per kg on the MCX.
However, within a minute of the commodity market opening, the white metal saw profit booking and touched an intraday low of 77,100 levels.
Experts in the commodities market claim that the current gold price has support at levels around $2,010 and that it has significant support on the downside between $1,980 and $1,975 per ounce. Silver currently finds support at levels of $25.40 per ounce and an immediate obstacle at $27 per ounce.
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Gold and Silver Investors advised to keep an eye on dollar:
Anuj Gupta, Vice President of Research at IIFL Securities, commented on indicators that one should be on guard: “Gold investors are encouraged to keep an eye on the movement of the US dollar rate and the US inflation statistics coming this week. Investors should exercise caution in relation to these two important triggers, as they are anticipated to determine the price of yellow metal this week.
Today’s important pivot points for the price of gold and silver, according to Anuj Gupta, are $2,010 for immediate support and $2,050 for resistance. Gold’s major support zone is located at $1,980 and $1,975 levels. Support for the silver price today is set around $25.40, and in the near future, it is anticipated to rise to $27 levels.
Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart, commented on the forecast for gold and silver prices in the near future by saying, “MCX gold price has support at 60,000 and resistance above 61,800 per 10 gm. The current support and resistance levels for the July futures silver rate are 74,000 and 79,000 per kilogramme, respectively.