Gold Rate Today, Gold Price in India on 18 July: On Tuesday, Comex gold was trading at Rs 59,300 per 10 grams, high by Rs 165 or 0.28%, while Silver September futures were trading up by Rs 263 or 0.35 % at Rs 75,830 per kg on MCX.
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate is trading higher on Tuesday, while the silver rate is up by 0.35%. On Multi Commodity Exchange, gold August futures were trading at Rs 59,300 per 10 grams, up by Rs 165 or 0.28%. Silver September futures were trading higher by Rs 263 at Rs 75,830 per kg on MCX.
Gold prices edged up on Tuesday on a dollar that was close to hitting its lowest in over a year, while traders waited for retail sales data from the United States to gauge any impact on the U.S. Federal Reserve’s monetary tightening path, according to Reuters. Spot gold rose 0.3% to $1,959.54 per ounce. U.S. gold futures gained 0.4% to $1,963.70.
Gold to consolidate within a range
“Gold prices edged higher on Tuesday, with spot gold at Comex trading up by 0.25% at $1961 per ounce in the morning session. Safe haven demand supports gold prices to move higher after China’s second-quarter growth missed estimates, adding to worries about a slowdown in the world’s second-largest economy. On the investment front, ETFs added 11,620 troy ounces of gold to their holdings in the last trading session; this was the biggest one-day increase since 16 June,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.
We expect the gold price to consolidate within a range with a positive bias. Comex spot gold has resistance at $1965/oz. The upside will extend to $1983/oz if the price crosses resistance at the $1965 level. MCX Gold August future has support at Rs 58780 per 10 gram and resistance at Rs 59570 per 10 grams,” Saumil Gandhi added.
U.S. Retail Sales, Industrial Production data eyed
“Gold rate traded steady in early morning trade, as traders awaited the U.S. Federal Reserve meeting due next week for clues about its monetary tightening path. The dollar was hovering below the 100 mark, hovering close to its April 2022 lows of 99.60 it hit last week, while US 10Y yields continue to trade below the 4% mark. U.S. inflation data last week triggered an up-move in bullions, as it increased the bets that the Federal Reserve was close to reaching peak interest rates for the year. Interest rate futures showed markets were pricing in another rate hike at the Fed’s July 25-26 meeting. Governor Jerome Powell had earlier highlighted the majority view that two additional rate increases would be needed. Focus today will be on the U.S. Retail sales and industrial production data; which if are recorded weaker than expectations it could further support metal prices,” said Manav Modi, Research Analyst Commodities and Currencies at MOFSL.
Credit : https://www.financialexpress.com/market/commodities/gold-price-today-18-july-mcx-gold-gains-0-28-on-weak-dollar-traders-eye-us-retail-sales-data/3175501/
