Gold prices in India remained uniform on Tuesday. On the Multi-Commodity Exchange, October gold contracts were trading flat at Rs 47,230 for 10 grams at 0915 hours on August 17. After an expansive session at the starting of last week, the yellow metal had gained. Silver, however, saw a jump in prices on Tuesday after a bumpy previous session. The precious metal’s future jumped 0.26 percent to Rs 62,620 on August 17.
In the international market, the gold prices were rested flat. The yellow metal floated around an over one-week peak. Spot gold was little changed at $1,787.90 per ounce by 0105 GMT. US gold futures eased 0.1 per cent to $1,788.40.Silver rose 0.3 percent to $23.89 per ounce. The US dollar held firm against other rivals. The investors are keenly waiting for the minutes of the Federal Reserve’s July meeting scheduled on Wednesday for cues on the US central bank’s stimulus tapering. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings dropped 0.1 percent to 1,020.63 tonnes on Monday.
“International spot and futures gold & silver prices have started flat to marginally weaker this Tuesday morning in Asian trade. However, the downside remained capped as support from safe-haven demand amid rising Delta variant cases offset pressure from a firmer dollar. Technically, LBMA Gold will continue its bullish momentum up to $1792-$1805 levels. Support is at $1774-$1765 levels. LBMA Silver above $23.00 levels could see $24.10-$25.22 levels. Support is at $23.40-$22.65 levels,” said Sriram Iyer, senior research analyst, Reliance Securities.
“Domestic gold and silver prices and Bullion Index futures could start flat to marginally weaker this Tuesday morning, tracking overseas prices. On the domestic front, MCX Gold October could see a bullish momentum up to Rs 47,250-47,400 levels support is at Rs 47,050-46,900 levels. MCX Silver September above Rs 63,000 level could see Rs 63,800-64,400 levels. Support is at Rs 62,900-62,000 levels. MCXBULLDEX May could trade on Bullish note within the range of Rs 13,950-14,350 levels,” Iyer added.
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