Gold, silver rate today trade tepid as investors await US inflation data release this week

Gold and silver rate today opened higher but remained in tight range, signaling cautious movement as investors await crucial US inflation data release this week. Gold rate today opened lower but soon caught upside momentum and went on to climb to its intraday high of ₹60,989 per 10 gm levels on MCX. Similarly, silver rate today opened upside and hit intraday high of ₹77,173 per kg on MCX. However, the white metal suffered profit booking within minute of the commodity market opening and hit intraday low of ₹77,100 levels.

According to commodity market experts, gold rate today has support placed at $2,010 levels and on the downside it has strong support at $1,980 to $1,975 per ounce levels. Similarly, silver rate today has support place at $25.40 per ounce levels whereas it has immediate hurdle placed at $27 per ounce.

Triggers for gold, silver

On triggers that one should remain vigilant, Anuj Gupta, Vice President — Research at IIFL Securities said, “Gold investors are advised to keep an eye on the movement of US dollar rate and the US inflation data expected this week. These two are expected to dictate yellow metal price and hence investors should remain cautious about these two major triggers that may dictate gold price this week."

Gold and silver price outlook

On major pivot levels in regard to gold and silver rate today, Anuj Gupta said that gold has immediate support placed at $2,010 levels and it is facing resistance at $2,050 levels. Major support for gold is placed at $1,980 to $1,975 levels. Silver rate today has support placed at $25.40 levels whereas it is expected to go up to $27 levels in near term.

On outlook for gold and silver prices in near term, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart said, “MCX gold price has support at ₹60,000 and resistance at ₹61,800 per 10 gm. In July futures, silver rate today has support at ₹74,000 and resistance at ₹79,000 per kg levels."

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.