Gold price today: Gold rates traded lower in early deals in the domestic futures market on Tuesday (August 12) morning on profit booking ahead of retail inflation data. Speculations that the end of the Russia-Ukraine war could be near also weighed on the yellow metal.
Moreover, US President Donald Trump announced on Monday (August 11) that imported gold bars would not be subject to tariffs, easing recent concerns that had driven gold prices to record highs.
MCX Gold October 3 contracts traded 0.07 per cent lower at ₹1,00,250 per 10 grams around 9:15 AM. However, MCX Silver September 5 contracts were up 0.24 per cent at ₹1,13,572 per kg at that time.
India and the US will release their July CPI inflation data today (Tuesday, August 12).
India’s July inflation is expected to further decelerate to 1.4 per cent from 2.10 per cent in June. US CPI, on a year-on-year basis, may come to 2.8 per cent in July compared to 2.7 per cent in June.
An uptick in US inflation will influence expectations about a rate cut by the US Federal Reserve next month.
According to Reuters, the CME FedWatch Tool indicates traders are pricing in around an 85 per cent chance of a Fed rate cut in September.
Moreover, the focus is also on the meeting of US President Donald Trump and his Russian counterpart, Vladimir Putin, in Alaska on Friday, August 15, to discuss an end to the Russia-Ukraine war.
On the trade war front, Trump has extended the trade truce with China for another 90 days.
Is it the right time to buy gold?
Manoj Kumar Jain of Prithvifinmart Commodity Research suggests buying gold at this juncture.
“We suggest buying gold around ₹1,00,100 with a strict stop loss of ₹99,660 for the target of ₹1,00,750,” said Jain.
Jain said gold has support at $3,389-3,360, while resistance at $3,434-3,455 per troy ounce and silver has support at $37.50-37.20, while resistance is at $38.00-38.40 per troy ounce in today’s session.
MCX Gold has support at ₹99,900-99,475 and resistance at ₹1,00,650-1,01,100 while silver has support at ₹1,12,700-1,12,000 and resistance at ₹1,14,000-1,14,650, said Jain.
Rahul Kalantri, VP of commodities at Mehta Equities, said gold has support at $3,338-3,320 while resistance is at $,3370-3,385. Silver has support at $37.55-37.35 while resistance is at $38.10-38.30.
In INR, according to Kalantri, gold has support at ₹99,850-99,450 while resistance is at ₹1,00,750-1,00,980. Silver has support at ₹1,12,680-1,11,850 while resistance at ₹1,14,000-1,14,700.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
