Gold Price Today, 7 August- MCX gold slips 0

Gold Price Today, 7 August: MCX gold slips 0.19%, support at Rs 59370-59140, resistance at Rs 59720-59880

Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX Gold prices tumbled on Monday, while the silver rates plunged 0.46%. On the Multi Commodity Exchange, gold October futures were trading at Rs 59,416 per 10 grams, down by Rs 111 or 0.19%. Silver September futures were trading down by Rs 335 at Rs 72,143 per kg on MCX.

Gold prices were off three-week lows on Monday after slowing U.S. job growth knocked the dollar and bond yields from their recent highs, while investors braced for this week’s inflation test that could influence the Federal Reserve’s policy path, according to Reuters. Spot gold was steady at $1,940.99 per ounce, having slid to its lowest since July 11 on Friday before settling 0.4% higher. U.S. gold futures were flat at $1,976.10.

“Gold rate has support at $1932-1920 while resistance is at $1954-1965. Silver has support at $23.45-23.30, while resistance is at $23.78-23.90 In INR terms, gold has support at Rs 59,370 – 59,140, while resistance is at Rs 59,720 – 59,880. Silver has support at Rs 72,080 – 71,620, while resistance is at Rs 72,940 – 73,540,” Rahul Kalantri added. 

Traders eye US, India CPI data

“Gold price inched higher, recovering after steep losses in the past week amidst higher U.S. Yields and Dollar Index. Data from the U.S. in the previous week was reported in line with expectations providing lower impact on the market. Unemployment rate and Non-farm payroll data set off each other once again. Non-farm payroll was quite in line with the previous month. The economy added 187,000 new non-farm jobs, according to data released by the Bureau of Labor Statistics on Friday, compared with forecasts of 200,000. Unemployment was reported 0.1% lower than expectations at 3.5%; while the Average hourly earning was also higher raising questions regarding wage growth,” said Manav Modi, Research Analyst Commodities and Currencies at MOFSL.

“The prospect of higher-for-longer U.S. interest rates has weighed heavily on bullions in recent weeks. The Fitch downgrade triggered sharp increases in U.S. Treasury yields, which pressured non-yielding assets such as gold. Focus this week will be on the U.S. and India CPI, and RBI interest rate decisions, which could trigger volatility in the market,” Manav Modi added.