New Delhi: Gold in India continued to be under pressure today as prices dipped to near 3-month low while silver eked out minor gains. On MCX, August gold futures edged lower to ₹46,518 per 10 gram while silver rose 0.16% to ₹68381 per kg.
MCX gold has support around ₹46,000 while faces resistance at ₹47600. So far this month, gold has fallen about ₹2,700 so far this month. In international markets, gold rates edged lower to $1,763.63 per ounce, heading for its biggest monthly drop in four years. The prices of the precious metal are down 7.5% for the month.
A sooner-than-expected Fed rate hike will increase the opportunity cost of holding non-yielding gold. A top Fed official on Tuesday said he was “very optimistic” about the economy and that the central bank could start raising interest rates next year.
Technically, “gold prices continue to be volatile with negative bias. However, a direct drop below $1745 would trigger another round of long liquidation for the day.
An unexpected rise above $1795 may negate the view and take prices higher,” says Geojit. Among other precious metals, silver rose 0.3% to $25.82 per ounce while platinum gained 0.3% to $1,070.38.
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