In the last 3 days, gold prices have gained nearly Rs 1,400/10 gm, while silver has gained Rs 4,365/kg.
Gold held steady near its record high on Tuesday as investors awaited minutes from the U.S. Federal Reserve and a speech by Chairman Jerome Powell for indications on how much the central bank will cut rates this year.
Spot gold was up 0.2% at $2,500.08 an ounce by 0254 GMT, trading slightly below Friday’s all-time high of $2,509.65. U.S. gold futures were up 0.1% at $2,537.70.
Gold prices have risen more than 20% so far this year on optimism that the Fed will start cutting interest rates in September, solid central bank purchasing and safe-haven demand stemming from tensions in the Middle East. Traders are likely to closely watch the minutes of the Fed’s July monetary policy meeting on Wednesday and Chairman Jerome Powell’s speech at the Jackson Hole symposium on Friday for further clues. The US dollar fell to a seven-month low in the previous session, lending support to dollar-denominated gold. Today, the US dollar index, DXY, hovered around the 101.95 mark, up 0.07 or 0.07%. “Precious metal prices also gained support as several Chinese banks have received fresh gold import quotas from the central bank, anticipating revival in demand despite record prices. On the other hand, easing geopolitical risks and risk-on sentiment could limit gold’s upside,” said Rahul Kalantri, vice president, commodities, Mehta Equities.
“Gold has support at $2,482-2,465, while resistance is at $2,518-2,534. Silver has support at $28.92-28.75, while resistance is at $29.30-29.52. In INR terms, gold has support at Rs 71,350-70,940, while resistance is at Rs 71,790-71,960. Silver has support at Rs 83,550-82,880, while resistance is at Rs 84,980-85,540,” Kalantari added.
(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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