Gold Price Today, 4 July- Gold rises modestly on futures traders’ quick rebound; traders eye FOMC June meeting minutes

Gold Price Today, 4 July: Gold rises modestly on futures traders’ quick rebound; traders eye FOMC June meeting minutes

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Tuesday, while the silver rate is up 0.07%. On Multi Commodity Exchange, gold August futures were trading at Rs 58, 281 per 10 grams, higher by Rs 4 or 0.01%. Silver September futures were trading higher by Rs 51 at Rs 70, 340 per kg on MCX.

Gold prices were flat on Tuesday in thin trading due to a U.S. holiday, while traders awaited the U.S. Federal Reserve’s minutes of the June meeting on Wednesday for more clues on its interest rate hike path ahead, according to Reuters. Spot gold was little changed at $1,921.39 per ounce, while U.S. gold futures were flat at $1,929.10.

“We expect gold prices to consolidate within a range and volume to remain thin for the day as a holiday in US markets on the back of Independence Day. Comex spot gold has support at $1903 per ounce and resistance at $1935 per ounce. MCX Gold August future has support at Rs 57950 per 10 gram and resistance at Rs 58570 per 10 grams,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.

Gold to remain volatile

“Gold and silver prices were modestly up on Monday owing to short covering from the futures traders and downbeat ISM manufacturing PMI data. Activity was muted ahead of the U.S. holiday-shortened trading week.The bullion metals gained ahead of the Fed meeting minutes and the U.S. job report scheduled to be released later this week. At close, Gold held at $1900 per troy ounce level and silver at $22.50 per troy ounce level.

“We expect gold and silver to remain volatile in today’s session. Gold has support at $1912-1900 while resistance is at $1932-1941. Silver has support at $22.75-22.60, while resistance is at $23.14-23.32. In INR terms gold has support at Rs 58,040-57,880, while resistance is at Rs58,410, 58,580. Silver has support at Rs69,150-68,620, while resistance is at Rs 70,440–70,980,” said Rahul Kalantri, VP Commodities, Mehta Equities.