Gold traded higher on MCX on July 14, following gains in global bullion prices as investors bought at lower levels. August gold futures rose 0.54% to ₹1,41,066. September silver futures advanced 0.64% to ₹2,19,109. Meanwhile, Brent crude futures rose 1.69% to $84.71 per barrel, and US West Texas Intermediate (WTI) advanced 1.92% to $79.64 per barrel.
According to the CME FedWatch Tool, traders now expect a 76% chance of a September rate hike by the Fed, up from 57% last week.
Domestic Gold Prices
24K gold fell by ₹11 to ₹1,42,800 per 10 grams, while 22K gold declined by ₹10 to ₹1,30,900. By city, Mumbai and Kolkata mirrored prices at ₹1,42,800, Delhi at ₹1,42,950, and Chennai at ₹1,43,460.
US Gold Prices
US gold rose on Tuesday after hitting a two-week low earlier in the session, as markets awaited key US inflation data amid escalating US-Iran tensions driving oil prices higher. Spot gold was up 0.3% at $4,013.93 per ounce. US gold futures for August delivery gained 0.4% at $4,020.80. Spot silver inched 0.1% lower to $57.60 per ounce, having earlier touched a two-week low. Platinum fell 0.5% to $1,597.52, and palladium rose 0.6% to $1,254.82.
Key Levels to Watch
“You have a situation where the markets probably don’t want to commit. They have a big batch of event risks in front of them. There’s, of course, the Warsh testimony and then the CPI print, so there’s a lot for people to look at in addition to the headlines out of the Middle East,” said Ilya Spivak, head of global macro at Tastylive.
Internationally, gold price has support at $3,955–$3,910 and resistance at $4,040–$4,085 per troy ounce. Silver has support at $56–$54.40 and resistance at $59.10–$60.60 per troy ounce.
On MCX, gold price may find support at ₹1,39,100–₹1,37,700 and resistance at ₹1,41,400–₹1,42,200. MCX silver has support at ₹2,16,000–₹2,12,400 and resistance at ₹2,20,000–₹2,22,500.
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