Tag: gold futures

  • MCX Gold Rises 0.65% to ₹1,42,300 as Brent Crude Drops Below $90

    MCX Gold Rises 0.65% to ₹1,42,300 as Brent Crude Drops Below $90

    Gold prices on the Multi Commodity Exchange (MCX) climbed on July 21, driven by a decline in crude oil prices and reports of diplomatic efforts to de-escalate tensions in the Middle East. August gold futures rose 0.65% to ₹1,42,300 per 10 grams, while September silver futures gained 1.09% to ₹2,20,775.

    Brent crude oil futures fell 0.80% to $88.51 per barrel, slipping below the $90 mark. West Texas Intermediate (WTI) crude edged down 0.46% to $82.10 per barrel. The drop in oil prices eased inflation concerns, supporting demand for gold as a safe-haven asset.

    According to the CME FedWatch Tool, traders now see a 64% probability of a September rate hike by the US Federal Reserve. This expectation continues to influence precious metals markets.

    Domestic Gold Prices

    In India, 24K gold rose by ₹76 to ₹1,44,220 per 10 grams, while 22K gold advanced by ₹70 to ₹1,32,200. Prices remained largely uniform across major cities: Mumbai and Kolkata quoted ₹1,44,220 for 24K gold, Delhi ₹1,44,370, and Chennai ₹1,44,220.

    US Gold Prices

    In international markets, spot gold climbed 0.9% to $4,042.69 per ounce, and US gold futures for August delivery rose 0.8% to $4,047.40. The gains came as investors assessed diplomatic efforts to ease US-Iran tensions, which could reduce oil-driven inflation risks.

    Spot silver gained 2.2% to $57.67 per ounce, platinum rose 0.8% to $1,607.20, and palladium gained 0.8% to $1,263.73.

    Key Levels to Watch

    “It looks like gold is trying to find a base somewhere around this $4,000 level and is going to try to re-engage the upside from there,” said Ilya Spivak, head of global macro at Tastylive. “These headlines from the Middle East seem to have some degree of knock-on, though it is increasingly only being paid attention to in a passing kind of way.”

    Internationally, gold has support at $3,989 and $3,945, with resistance at $4,040 and $4,074 per troy ounce. Silver has support at $56.20 and $55.50, with resistance at $57.70 and $58.50 per troy ounce.

    On the MCX, gold has support at ₹1,40,850 and ₹1,40,400, with resistance at ₹1,42,000 and ₹1,43,650. Silver has support at ₹2,16,000 and ₹2,14,400, with resistance at ₹2,20,000 and ₹2,23,100.

  • MCX Gold Slips 0.63% to Rs 1,45,990 as Brent Crude Rises; Fed Minutes in Focus

    MCX Gold Slips 0.63% to Rs 1,45,990 as Brent Crude Rises; Fed Minutes in Focus

    Gold prices edged lower on the Multi Commodity Exchange (MCX) on July 7, as investors turned cautious ahead of the release of the US Federal Reserve’s minutes from its June policy meeting. The August gold futures contract declined 0.63% to settle at Rs 1,45,990 per 10 grams, while September silver futures dropped 1.23% to Rs 2,33,201.

    In the energy market, Brent crude futures gained 0.60% to $72.42 a barrel, and US West Texas Intermediate (WTI) crude rose 0.51% to $68.90 a barrel. The rise in crude prices added to inflationary concerns, which weighed on bullion demand.

    According to the CME FedWatch Tool, market expectations for a September rate hike by the Federal Reserve have eased slightly to 56%, down from 60% previously. The upcoming Fed minutes are expected to provide further clarity on the central bank’s monetary policy trajectory.

    Domestic Gold Prices

    In the domestic spot market, 24K gold fell by Rs 136 to Rs 1,45,260 per 10 grams, while 22K gold declined by Rs 125 to Rs 1,33,150. Regional variations were observed: Mumbai and Kolkata quoted gold at Rs 1,45,260, Delhi at Rs 1,45,410, and Chennai at Rs 1,47,920.

    US Gold Prices

    Internationally, gold prices eased on Tuesday, trading below a two-week high. Spot gold slipped 0.6% to $4,138.32 per ounce, while US gold futures for August delivery fell 0.4% to $4,149.90. Among other precious metals, spot silver declined 1% to $61.48 per ounce, platinum eased 0.1% to $1,629.46, and palladium rose 0.4% to $1,272.85.

    Key Levels to Watch

    Nicholas Frappell, global head of institutional markets at ABC Refinery, noted that gold price action reflects a continuation of last week’s pattern, with the market forming a support base while awaiting direction from the Fed minutes.

    Internationally, gold has support at $4,135 and $4,100 per troy ounce, with resistance at $4,194 and $4,220. Silver support stands at $61.20 and $59.80, with resistance at $63.40 and $64.20. On MCX, gold support is at Rs 1,46,100 and Rs 1,45,500, while resistance is at Rs 1,47,400 and Rs 1,48,200. Silver support on MCX is at Rs 2,33,300 and Rs 2,30,000, with resistance at Rs 2,38,800 and Rs 2,41,000.

    Market participants remain focused on the Fed’s policy outlook, which will likely dictate the near-term direction for gold and other commodities.