Gold and silver prices have declined slightly over the past two days. Gold prices fell by Rs 200 per 10 grams, while silver prices fell by Rs 600 per kilogram.
On Tuesday, gold and silver closed weaker in the domestic market, while international markets were mixed. The October gold futures contract closed at Rs 70,699 per 10 grams, down 0.06%, while the September silver futures contract closed at Rs 81,049 per kilogram, down 0.70%.
U.S. PPI and core PPI data released on Tuesday were broadly in line with expectations. The PPI rose 0.1% in July, after a 0.2% increase in June, which was in line with economists’ forecasts for a 0.1% increase.
Core PPI held steady at 0.0% in July, compared with a 0.3% increase in June, and was below economists’ expectations for a 0.2% increase. Annual wholesale inflation came in at 2.2%, below the 2.7% increase in June and the 2.6% expected. US Dollar Index (DXY) was hovering around the 102.61 mark, up 0.05 points or 0.05%. “Cooling inflation in the US pulled the dollar index lower and supported precious metals. Silver showed some profit-taking amid weakness in industrial metals but held its support levels,” said Manoj Kumar Jain of Prithvifinmart Commodity Research. US CPI inflation data It will be released later today and may provide further guidance for bullion markets.
“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions,” Jain added.
Manoj Kumar Jain Gold and Silver Ranges:
-On MCX, gold has support at Rs 70,440–70,220 and resistance at Rs 70,920–71,160.
-Silver has support at Rs 80,450–79,900 and resistance at Rs 81,700–82,200.
-Jain suggests buying gold at around Rs 70,550 with a stop loss of Rs 70,220 and a target of Rs 71,100. For silver, he recommends buying at around Rs 80,800 with a stop loss of Rs 80,220 and a target of Rs 82,000.
(Disclaimer:The recommendations, suggestions, views and opinions of the experts are their own and do not represent the views of The Economic Times)
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