Gold prices rose on MCX on Monday due to rise in international bullion prices. Gold prices have fallen over 4% on the MCX so far in the month of July and analysts believe that the recent drop in prices could be a good opportunity to buy gold.
Gold price on MCX Rs. 249, or up 0.37% to Rs. 68,435 per 10 grams, while the price of silver on MCX was Rs. 684 or up 0.84% to Rs. 82,055 per kg. In the international commodity market, spot gold rose 0.4% to $2,394.88 an ounce, while US gold futures rose 0.5% to $2,393.20.
These figures are indicative
Gold prices in India fell last week due to the cut in customs duty by the government in the Union Budget 2024 and demand concerns in China. Better-than-expected US Q2 GDP and jobless claims data also pressured gold prices. In early July, gold prices on MCX hovered around Rs 71,600 per 10 grams and touched a high of around Rs 74,730 in the middle of the month. However, after Budget 2024, gold prices have come down drastically and last week it was Rs. A multi-month low around 67,400 has been reached.
Hoping for a bounce because of this
However, gold prices are expected to rise due to short covering and some positive global and domestic factors. Ajay Kedia, director of Kedia Advisory, said expectations of interest rate cut by the US Federal Reserve, softening of the US dollar index, rising global geopolitical tensions and increased physical demand in domestic markets after fee adjustment suggested a rise in gold prices. Speaking on silver prices, Kedia said that there is a pessimism in the silver market due to weak data from China. The gold-silver ratio has also risen sharply and is around the 85 level, indicating that gold will outperform silver.
This will determine the future price
Kedia said that the volatility in gold prices is likely to remain high. The support price of gold is Rs. 67,000 and resistance Rs. 69,800 may be. For silver, it is likely to be Rs.80,200 and Rs.85,600. Jigar Trivedi, senior research analyst, currencies and commodities at Reliance Securities, said MCX gold has fallen over 4% so far in July, while Comex gold, on the other hand, has gained around 2.9%. This week is important for gold prices as several global central banks, including the US Federal Reserve, are set to announce their monetary policies.
You can also check the price of gold and silver with just one missed call
You can also check gold and silver price by missed call. For this you have to call on the number given below 8955664433. Shortly after the missed call, you will get to know the rate via SMS. Apart from this, you can also check the rate by visiting the official website ibjarates.com.
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