Gold Price Today: Gold Nears Rs 47,000; Silver Solid Gain

Gold price today edged lower in global markets as the dollar hovered near a three-month peak, with investors looking ahead to a key US jobs report due later this week. However, the yellow metal gained in domestic markets as the government slashed the base import price of the precious metal.

Gold Price Today

US private payrolls increased more than expected in June as companies rushed to boost production and services amid a rapidly reopening economy. Investors are now awaiting the US non-farm payrolls report on Friday.

The dollar held firm near a three-month high in the previous session. A stronger dollar makes greenback-priced metals more expensive for holders of other currencies. A Fed rate hike will increase the opportunity cost of holding bullion and dull its appeal.

Despite the recent price correction, retail gold demand in the world’s second largest consumer of physical gold has been weak. India has slashed the base import price of gold and silver, along with other commodities, the government said, as prices fell in the overseas market. Gold futures on MCX were up 0.32 per cent, or Rs 151, at Rs 46,990 per 10 gram. Silver futures gained 0.59 per cent, or Rs 408, to Rs 69,482 per kg.

Gold Price Today

“Gold prices traded firm on Thursday with COMEX spot gold prices trading near $1,775 per ounce in the morning trade. The yellow metal rebounded in the last trading session post US ADP employment data which came lower than previous reading,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

In the spot market, highest purity gold was sold at Rs 46,753, while silver was priced at Rs 67,832 on Wednesday, according to the Indian Bullion and Jewellers Association.

Gold Price Today in Global markets
Spot gold eased 0.1 per cent to $1,769.11 per ounce, as of 0117 GMT. US gold futures fell 0.2 per cent to $1,768.10. Silver rose 0.1 per cent to $26.14 per ounce, palladium fell 0.5 per cent at $2,764.68 and platinum shed 0.6 per cent at $1,065.74.

Trading strategy
“We expect gold prices to trade sideways to up for the day while key employment data is due on Friday. COMEX spot gold support lies at $1,760 and resistance at $1,790 per ounce. MCX Gold August support lies at Rs 46,500 and resistance at Rs 47,100 per 10 gram,” added Patel of HDFC Securities.

Gold Price Today
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