Gold prices in India jumped on Monday. On the Multi-Commodity Exchange (MCX), gold price futures increased 0.13 per cent to Rs 51,940 for 10 grams at 1230 hours on August 8. Silver witnessed a huge jump on Monday. The precious metal futures increased 0.5 per cent to Rs 57,648 for a kilogram on August 8.
In the international market, gold price edged lower on Monday. Spot gold was down 0.1 per cent at $1,772.27 per ounce, as of 0303 GMT while US gold futures eased 0.1 per cent to $1,790.
The robust United States job data last week lifted the prospect of aggressive interest rate hikes by the central bank. It also pushed the dollar index to its highest since July 28. Hence, the yellow metal has become more expensive for other currency holders. Benchmark US 10-year Treasury yields jumped near their highest level in more than two weeks scaled on Friday.
Gold Price Outlook: What Analysts Recommend
“Gold is showing profit booking on account of gains in the US bond yield and strength in the dollar. However, gains in global energy prices and downbeat U.S. data released last week supported precious metals. Gold may remain in strong hands this week also. Buy Zone Above: Rs 52,000 for the target of Rs 52,300. Sell Zone Below: Rs 51,700 for the target of Rs 51,500,” said Ravi Singh, vice president and head of research, ShareIndia.
“The overall chart structure is weak for bullinos. So investors should book their long positions in bullions and can create fresh short positions near given resistance levels,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited
“Traders should focus important technical levels given below for the day while trading : October gold closing price 51874, Support 1 – Rs 51,600, Support 2 – Rs 51,400, Resistance 1 – Rs 52,100, Resistance 2 – Rs 52,400. September silver closing price Rs 57,364, Support 1 – Rs 56,900, Support 2 – Rs 56,400, Resistance 1 – Rs 57,800, Resistance 2 – Rs 58,300,” Khare added.
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