Gold Price Today, 28 July- MCX gold gains 0

Gold Price Today, 28 July: MCX gold gains 0.27%; support at Rs 58790-58680, resistance at Rs 59180-59370 levels

Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX Gold prices rose on Friday, while the silver rates gained 0.17%. On the Multi Commodity Exchange, gold August futures were trading at Rs 59,565 per 10 grams, up by Rs 162 or 0.27%. Silver September futures were trading up by Rs 128 at Rs 73,875 per kg on MCX.

Gold prices held near two-week lows on Friday after strong U.S. economic data spurred the dollar and bond yields in a high interest rate environment that dragged the non-interest-bearing metal towards its biggest weekly decline in five, according to Reuters. Spot gold was up 0.3% at $1,951.19 per ounce, after earlier hitting its lowest level since July 12 and ending 1.4% lower in the previous session. Bullion has declined 0.4% so far in the week, heading for its biggest weekly fall since June 23. U.S. gold futures rose 0.2% to $1,950 per ounce.

“We expect gold and silver to remain volatile in today’s session. Gold has support at $1942-1930 while resistance is at $1964-1976. Silver has support at $24.00-23.88, while resistance is at $24.35-24.52. In INR terms gold has support at Rs 58,790-58,680. while resistance is at Rs 59,180-59,370. Silver has support at Rs73,480-72,820, while resistance is at Rs74,440–74,920,” Rahul Kalantri added.

Traders eye US Core PCE Price Index

“Gold prices held near two-week lows after strong U.S. economic data spurred the dollar and bond yields in a high-interest rate environment that dragged the metal towards its biggest weekly decline in five. The U.S. dollar index and 10Y yields were underpinned after data showed the U.S. economy grew faster than expected in Q2 potentially keeping a much-feared recession at bay and increasing the likelihood that the Fed could further hike interest rates. The dollar index was a bit weighed down after the Fed policy meeting, where the U.S. central bank raised rates by 25bps, maintaining a cautiously hawkish stance,” Manav Modi, Research Analyst Commodities and Currencies at MOFSL.

“The Fed and the European Central Bank delivered 25bps rate increases this week, but have now switched in unison to a more cautious posture about further moves. U.S. GDP Q2 was reported at 2.4% v/s 2%, also U.S. durables goods orders data was also reported better than expectations supporting the move in the Dollar index. Focus today will be on the U.S. Core PCE price index data, which could give further guidance w.r.t Fed’s monetary policy,” Manav Modi added.