Gold Rate today | What is Silver price | Gold | Silver | MCX Gold price | Comex Group | Comex Group Gold Price | London Spot | IBJA Gold Price | LBMA Gold: Gold Price, Silver price update for 5 August 2024, Monday. Check 24, 22 carat gold, 18 carat gold rate, 14 carat gold price and silver price. Check update on gold, silver price outlook for COMEX Group, MCX and IBJA Gold silver price.
Gold and silver experienced high price volatility last week, leading to gains in international markets. Gold prices reached an all-time high, driven by hopes for Federal Reserve rate cuts and disappointing US job data. Silver mirrored gold’s trajectory, crossing the $28.50 per troy ounce mark. Despite this, the dollar index and US bond yields fell sharply due to weaker-than-expected job reports and factory orders, raising recession fears. The Japanese Yen’s strong comeback against the US dollar further contributed to the volatility in global financial markets. Although gold and silver prices dipped from their highs, the dollar’s weakness and increasing tensions in the Middle East supported the prices.
Manoj Kumar Jain, Director at Prithvi Finmart, commented, “We expect gold and silver prices to remain volatile this week amid fluctuations in the dollar index and Middle Eastern tensions. Gold prices could hold at $2,434 per troy ounce and silver at $27.70 per troy ounce on a weekly closing basis. Gold has support at $2,470-$2,454, with resistance at $2,500-$2,515 per troy ounce, while silver has support at $28.35-$27.94 and resistance at $29.00-$29.30 per troy ounce.”
Jain added, “On the MCX, gold has support at Rs 69,440-Rs 69,100 and resistance at Rs 70,220-Rs 70,500. Silver has support at Rs 81,800-Rs 81,100 and resistance at Rs 83,150-Rs 84,000. We suggest buying gold around Rs 69,650 with a stop loss of Rs 69,400 for a target of Rs 70,200.”
US Treasury yields fell to multi-month lows in Asia, signaling concerns about a potential hard landing for the US economy. The 10-year Treasury yield dropped to 3.966%, its lowest since early February, after falling 17 basis points overnight to breach the 4% barrier. This decline indicates a looming economic growth scare and raises questions about whether the Fed should delay its easing cycle until September. Gold is regaining its status as a safe haven following the assassination of Ismail Haniyeh, head of Hamas’s political wing, in an airstrike in Tehran. The heightened risk of a broader Middle Eastern conflict is increasing gold’s appeal. Trader bets for a 50-basis-point interest rate cut at the Fed’s next meeting in September rose to 27.5% from 11.8%, according to the CME Group’s FedWatch tool.
SMC Global, in its weekly research report, stated, “In the coming week, COMEX gold may trade between $2,480 and $2,600, with silver ranging from $28 to $30.20. On the MCX, gold may trade with a bullish bias, taking support near Rs 68,500 and facing resistance around Rs 71,800, while silver may trade between Rs 79,900 and Rs 87,000.”
IBJA Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 70392/10 Gram
24 carat gold price today (Purity 995)- Rs 70110/10 Gram
22 carat gold price today (Purity 916) – Rs 64479/10 Gram
18 carat gold price today (Purity 750) – Rs 52794/10 Gram
14 carat gold price today (Purity 585) – Rs 41179/10 Gram
Silver Price Today (Purity 999) – Rs 83501 per kg
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Note: The prices listed on Gold Price Today are sourced from various jewellers and bullion associations across the country. The price of gold and silver in your city may vary, as local jewellers add GST, making charges, and hallmarking fees to the base price. Additionally, many jewellers charge a premium for their brand, leading to differences in gold and silver prices at different shops.
Disclaimer: The information in this article is intended for informational purposes only and reflects the views of the expert. Before making any investment decisions, it is recommended to seek the advice of a financial advisor. The individuals associated with Gold Price Today do not engage in the personal buying, selling, or trading of gold or silver. We cannot be held liable for any gains or losses incurred.
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