Gold-Silver Price 17 August: The price of gold in the country remained stable today. On the Multi Commodity Exchange (MCX), the contract for October gold was trading flat at Rs 47,230 per 10 grams at 09.15 am today. Gold prices recovered after a volatile session at the beginning of last week. However, after the last trading session, there was a jump in silver prices on Tuesday. Today its prices increased by 0.26 percent to Rs 62,620.
Gold prices remained flat in the international market as well. The price of gold remained near the highest level of a week. Spot gold traded marginally higher at $1,787.90 an ounce. US gold futures fell 0.1 percent to $1,788.40 an ounce. At the same time, silver rose 0.3 percent to $ 23.89 an ounce.
Investors await minutes of Federal Reserve’s July meeting
The US dollar remained strong against its competitors. Investors are eagerly waiting for the minutes of the Federal Reserve’s July meeting, which will be released on Wednesday. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.1 per cent to 1,020.63 tonnes on Monday.
Prices may increase
According to Sriram Iyer, Senior Analyst, Reliance Securities, international spot and futures gold and silver prices have weakened marginally in Asian trade on Tuesday morning. However, it sided with demand for safe investments amid rising cases of delta variants offsetting pressure from a stronger dollar. Technically LBMA Gold will continue its uptrend till the level of $1792-1805. Support is at the level of $1774-1765. LBMA silver can move above $23 level to $24.10-25.22 level.
At the same time, according to Ganganagar Commodities Limited Amit Khare, we are seeing short covering rally in gold and silver from the last three trading sessions which may continue for the next few trading sessions. Gold sentiment on MCX is positive and is expected to remain in the range of Rs 47,000-48,000 in the near term.
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