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 7 August 2024, Wednesday. Know Views of India’s Big commodity experts like Manoj Jain, Prithvi Finmart, Ajay Kedia, Kedia Commodity and Nirmal Bang Securities, Motilal Oswal Financial Services Geojit on Comex gold and silver. 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.
On Tuesday, gold and silver experienced a mixed session in the international markets. Gold December futures settled at $2,431.60 per troy ounce, down by 0.52%, while silver September futures edged up by 0.03%, closing at $27.216 per troy ounce. The domestic markets mirrored this trend, with gold October futures closing at Rs 68,965 per 10 grams, a decline of 0.50%, and silver September futures rising slightly by 0.03%, settling at Rs 79,623 per kilogram.
Both gold and silver displayed significant price volatility. Gold’s decline was driven by a rebound in the dollar index and U.S. bond yields. Additionally, the Japanese Yen’s retreat from its highs amid a recovery in Japanese equity markets further supported the dollar index and other global currencies, contributing to gold’s price drop.
In contrast, silver prices saw a recovery from their lows, bolstered by better-than-expected German factory orders data, which boosted industrial metals. Silver also benefited from short coverings and bargain buying at lower levels. The volatility in gold and silver is expected to intensify due to heightened speculation on the Federal Reserve’s potential rate cuts in the upcoming September policy meetings.
Manoj Kumar Jain, Director, Prithvi Finmart
”We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geo-political tensions. Gold prices could hold $2,388 per troy ounce and silver could hold $26.40 per troy on a weekly closing basis. Gold has support at $2418-2400, while resistance at $2450-2468 per troy ounce and silver has support at $26.88-26.60, while resistance is at $27.50-27.80 per troy ounce in today’s session. At mcx, gold is having support at 68700-68440 and resistance at 69200-69500 while silver is having support at 79000-78300 and resistance at 80350-81000. We suggest selling silver on rise around 80200 with a stop loss of 80850 for the target of 78800.”
Geojit London Gold Spot Technical Commentary 6 August 2024 (LBMA)
MCX Gold KG Oct: A direct drop below Rs 68000 would extend liquidation pressure. Else, recovery rallies expected.
Silver KG Sep: Weak bias may continue if prices drop below Rs 78200.
Data to Watch Today 6 August 2024 (India Time)
06:00 PM United States Trade Balance
Nirmal Bang Securities Gold Fundamental Outlook For 7 August 2024
Fundamental Outlook: Gold and silver prices are trading slightly lower today on the international bourses. We expect gold and silver prices to trade range-bound to
slightly higher for the day, as gold prices steadied after a four-day losing streak as traders took stock of the mood across wider financial markets, with a global selloff
earlier in the week followed by a partial recovery.
Ajay Kedia, Kedia Commodity
GOLD
Resistance: 2408.16-2431.51-2442.71
Support: 2371.65-2358.49-2347.29
SILVER
Resistance: 27.39-27.96-28.18
Support: 26.43-26.04-25.82
GOLD
Resistance: 69385-69810-70150
Support: 68620-68280-67855
SILVER
Resistance: 80350-81075-82095
Support: 78605-77585-76860
IBJA Gold Price Today in Carats, fineness and Purity:
24 carat gold price today (Purity 999)- Rs 69182/10 Gram
24 carat gold price today (Purity 995)- Rs 68905/10 Gram
22 carat gold price today (Purity 916) – Rs 63371/10 Gram
18 carat gold price today (Purity 750) – Rs 51887/10 Gram
14 carat gold price today (Purity 585) – Rs 40472/10 Gram
Silver Price Today (Purity 999) – Rs 79158 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.
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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.
