Gold rate today under pressure as US dollar index climbs to three week high. Opportunity to buy?
1 min read 01 Aug 2023, 10:31 AM ISTGold rate today has immediate support placed at $1,945 per ounce levels whereas on MCX, gold price has support placed at ₹58,700 per 10 gm levels, say commodity market experts
PremiumGold rate today continue to remain under pressure as investors extended their buying interest in the US dollar for yet another session during early morning deals in Asian stock market. Gold future contract for August 4, 2023 expiry opened lower at ₹59,426 per 10 gm levels and continue to remain under sell off pressure during early morning session on Tuesday. In international market, gold price today is oscillating around $1,960 per ounce levels.
Likewise, silver rate today opened lower at ₹75,330 per kg and went on to touch intraday low of ₹75,002 per kg levels. In international spot market, silver price today is around $24.60 per ounce levels.
US dollar in focus
On why gold and silver prices are under pressure today, market expert Anuj Gupta said, “Gold rate today is under sell off heat because of the rising US dollar. The Dollar Index has risen to its three week high after the US Fed rate hike. This has put the yellow and white metal under pressure."
Gold price outlook
Expecting bounce back from lower levels, Sugandha Sachdeva, Executive Director & Chief Strategist at Acme Investment Advisors said, “On the downside, a significant support level exists at the $1,946 per ounce mark, and as long as this holds, gold prices are likely to witness a recovery. In the domestic markets, gold in the October series has key support at ₹59,000 per 10 gm levels and as long as the same holds, buying is recommended on declines, while prices can witness a surge towards ₹60,500 per 10 gm levels."
On major levels that one should keep in mind, Anuj Gupta said, "Gold prices have strong support placed at $1,945 per ounce levels whereas it is facing immediate resistance at $1,980 levels i.e. gold prices are currently trading in this small range of $1,945 to $1,980 per ounce.
Anuj Gupta went on to add that gold price on MCX has immediate strong support placed at ₹58,700 per 10 gm levels and advised gold investors to maintain ‘buy on dips’ strategy as this immediate support on MCX seems sacrosanct.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
