Gold prices on the Multi Commodity Exchange (MCX) declined on July 10, tracking weak global cues and ongoing uncertainty surrounding the US-Iran conflict. August gold futures slipped 0.27% to Rs 1,44,901 per 10 grams. September silver futures also edged lower, falling 0.08% to Rs 2,26,200.
Meanwhile, international crude oil prices gained. Brent crude futures rose 0.50% to $76.66 a barrel, while US West Texas Intermediate (WTI) advanced 0.46% to $72.41 a barrel.
According to the CME FedWatch Tool, traders now see a 64% probability of a September rate hike by the Federal Reserve, up from 54% a week earlier.
Domestic Gold Prices
In the domestic spot market, 24K gold rose by Rs 38 to Rs 1,44,820 per 10 grams, while 22K gold gained Rs 35 to Rs 1,32,750. City-wise, Mumbai and Kolkata quoted identical rates at Rs 1,44,820, Delhi was at Rs 1,44,950, and Chennai at Rs 1,45,640.
US Gold Prices
In the US, gold prices edged higher on Friday as the dollar softened and concerns over escalating US-Iran tensions fueled inflation worries, keeping the Federal Reserve on a hawkish path. Spot gold was up 0.2% at $4,128.92 per ounce. US gold futures for August delivery held steady at $4,139.50.
Spot silver rose 0.8% to $60.46 per ounce, platinum gained 1.6% to $1,636.68, and palladium added 1.6% to $1,267.
Key Levels to Watch
“Gold is in consolidation mode today following yesterday’s gains, with traders hesitant to commit to further upside amid the prevailing uncertainty over US-Iran relations,” said Tim Waterer, chief market analyst at KCM Trade.
“I expect gold will continue to attract buyers on dips as long as oil stays around current levels. However, any sharp spike in oil could reignite inflation and interest rate fears, which would be to gold’s detriment,” Waterer added.
Internationally, gold has support at $4,110 and $4,074, while resistance is at $4,165 and $4,200 per troy ounce. Silver has support at $59.80 and $58.50, with resistance at $61.40 and $63 per troy ounce.
On MCX, gold has support at Rs 1,44,400 and Rs 1,43,650, and resistance at Rs 1,46,150 and Rs 1,47,000. Silver has support at Rs 2,24,000 and Rs 2,21,000, with resistance at Rs 2,29,100 and Rs 2,32,000.
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