Gold prices on Multi Commodity Exchange (MCX) opened sharply lower on Friday, tracking weakness in international bullion prices, weighed down by a slight uptick in the US dollar and the Israel-Iran ceasefire.
MCX gold rate for August futures opened 0.85% lower at ₹96,261 per 10 grams as against its previous close of ₹97,087. MCX silver prices for July futures also opened 0.11% lower at ₹1,06,629 per kg as compared with its previous close of ₹1,06,755.
At 9:10 AM, MCX gold rate was trading lower by ₹946, or 0.97%, at ₹96,141 per 10 grams, while MCX silver rate was down by ₹482, or 0.45%, at ₹1,07,415 per kg.
In the international bullion market, gold prices declined and were heading for a second weekly loss.
Spot gold price fell 0.4% to $3,313.23 per ounce. Bullion was down 1.7% this week. US gold futures fell 0.7% to $3,325.70. Spot silver was steady at $36.63 per ounce
The dollar rose 0.2% against its rivals, making greenback-priced bullion more expensive for overseas buyers.
“Market now awaits the US core personal consumption expenditure data for further direction. Elsewhere, fading risks in the Middle East reduced demand for safe-haven assets,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
US core PCE data is due later today, which will be eyed for further insight into the US Federal Reserve’s monetary policy outlook. Markets are currently pricing in a 63-basis-point rate cut this year, starting in September.
Gold Price Outlook
Jigar Trivedi expects MCX gold August futures may find support at ₹95,800 – 95,600 level, while resistance is seen at ₹96,500 level.
Support for MCX silver prices is placed at ₹1,05,500 – 1,05,000 levels, while resistance at ₹1,06,800 level, he added.
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