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Gold Price Today: Yellow metal trades lower; support seen at Rs 47,300

Moneycontrol logo Moneycontrol 23-07-2021 Kshitij Anand
a close up of a sign: Gold Price Today: Yellow metal trades lower; support seen at Rs 47,300 © Reuters Gold Price Today: Yellow metal trades lower; support seen at Rs 47,300

Gold was trading lower in the Indian market on July 23 following the muted trend in international spot prices. On the Multi-Commodity Exchange (MCX), August gold contracts were trading 0.15 percent lower at Rs 47,564 for 10 grams at 0930 hours. September silver futures were trading 0.03 percent higher at Rs 67,391 a kilogram.

International gold prices edged lower and were heading for their first weekly decline in five amid a stronger dollar.

Spot gold was down 0.2 percent at $1,803.33 per ounce. Bullion is down 0.4 percent for the week. US gold futures fell 0.1 percent to $1,803.90, a Reuters report said.

An expensive dollar made bullion pricier for holders of other currencies and offset support from lower US bond yields and weak economic data, the report added.

Gold and silver rebounded from their lows on the previous day amid rising unemployment claims in the United States. Both precious metals settled on a positive note in international markets.

Track live gold price here

August gold futures contract settled at $1,805.40 a troy ounce and September silver futures contract settled at $25.38 a troy ounce. Both metals also settled on a positive note in the domestic market.

Gold and silver fell in the early trading session on July 22 but got support from the friendly US and European economic data released in the evening.

“Precious metals also get safe-haven appeal amid rising coronavirus cases in the South American and European countries. We expect both precious metals to remain volatile in today’s session and could hold key support levels,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

Gold has support at $1,794-1,782 and resistance at $1,814-18,28. On MCX, gold has support at Rs 47,480-47,300 and resistance at Rs 47,800-48,000. Silver has support at Rs 66,900-66,500 and resistance at Rs 67,700-68,200, he said.

Jain suggests buying gold around Rs 47,500 with a stop loss of Rs 47,280 for a target of Rs 47,950 and silver around Rs 67,100 with a stop loss of Rs 66,500 for a target of Rs 68,200.

Technical indicators

Expert: Ravindra Rao, CMT, EPAT, VP-Head Commodity Research, Kotak Securities

Comex gold was trading unchanged near $1,804 after gaining 0.1 percent on July 22. Gold was choppy near $1,800 as support from rising virus cases, disappointing US economic data and ECB’s dovish stance was countered by the rise in bond yields and stability in equity markets.

ETF investors also remained on the sidelines, awaiting fresh cues. Gold continues to hold near $1,800 and buying interest may emerge at lower levels amid persisting challenges to the global economy and the loose monetary policy stance of some central banks.

Sriram Iyer, Senior Research Analyst, Reliance Securities

International gold inched higher on July 22 as stocks and US bond yields pulled back to offset a firmer dollar and restore some of bullion's allure as a safe haven.

Silver continued to shine and ended higher and was supported by reflation trade. Domestic gold and silver ended higher, tracking overseas prices.

Domestic gold and silver could start marginally in the red on July 23, tracking overseas markets.

Technically, MCX August gold took the support of 47,500 levels and closed above it, indicating sideways momentum in the 47,800-47,400 range in the coming session.

MCX September silver below 68,000 could see 66,800-66,000 levels. Resistance is at 67,700-68,400.

Amit Khare, AVP- Research Commodities, Ganganagar Commodities Ltd

Traders are advised to create long position in gold and silver near support levels. Traders should focus on important technical levels given below for the day:

August Gold closing price: Rs 47,634; support 1: 47400, support 2: 47,200; resistance 1: 47,850; resistance 2: 48,060.

September Silver closing price: Rs 67,374; support 1: 66800; support 2: 66,100; resistance 1: 67,900 and resistance 2: 68,600.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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