Comex Gold, Comex Group Gold Price, MCX Gold, MCX Silver, Gold Price: On Friday, gold prices surged past $2,500, breaking the previous all-time high of $2,483 set just a month ago. Since October last year, gold has been on a remarkable upward trajectory, climbing from around $1,800 to set multiple new records this year, with the precious metal now up more than 23% year to date.
The October gold futures contract settled at ₹71,375 per 10 grams, gaining 1.77%, while the September silver futures contract closed at ₹83,213 per kilogram, up 3.94%. Both gold and silver displayed strong performance, driven by robust U.S. retail sales data, which grew by 1.0% in July—well above the expected 0.4% and rebounding from a 0.2% contraction the previous month. Gold surpassed its major hurdle of $2,500, reaching a new all-time high in international markets. Additionally, upbeat Chinese retail sales data and a weaker dollar index contributed to the gains. Escalating geopolitical tensions and strong demand prospects are also supporting the rise in gold and silver prices. Last week’s U.S. inflation data was mostly in line with expectations, while disappointing U.S. housing data increased the likelihood of larger Fed rate cuts, which could further bolster precious metals prices.
Manoj Kumar Jain, Director at Prithvi Finmart, expects gold and silver prices to remain volatile this week due to fluctuations in the dollar index and geopolitical tensions, but believes they will hold key support levels of $2,464 and $27.80 per troy ounce, respectively, on a weekly closing basis. Jain noted that gold has support at $2,522-$2,500 and resistance at $2,572-$2,600 per troy ounce, while silver has support at $28.64-$28.35 and resistance at $29.40-$29.84 per troy ounce in today’s session. On the MCX, gold has support at ₹71,040-₹70,700 and resistance at ₹71,680-₹72,040, while silver has support at ₹82,550-₹81,700 and resistance at ₹84,000-₹84,850.
Jain suggests buying gold on dips around ₹71,100 with a stop loss of ₹70,660 for a target of ₹72,000, and recommends buying silver around ₹82,500 with a stop loss of ₹81,650 for a target of ₹84,500.
In its weekly report, SMC Global highlighted that U.S. retail sales in July rose by 1% from June, significantly exceeding the expected 0.3% increase and recovering from a 0.2% decline the previous month. This data indicates a strong U.S. economy, even as consumer prices hit a three-year low last month, reinforcing expectations that the Federal Reserve may soon begin cutting interest rates. Treasury yields also rose sharply, which is bearish for gold since it offers no interest. On Comex, gold is trading near $2,460, with potential resistance at $2,520 and support around $2,390. A break on either side will determine the next direction for gold. Silver may trade between $26.50 and $29.30. On the MCX, gold prices may range between ₹69,000 and ₹72,000, while silver may trade between ₹78,000 and ₹85,500.
Dr. Renisha Chainani, Head of Research at Augmont, stated that the current macroeconomic backdrop is creating a ‘perfect storm’ for gold, making it one of the top-performing asset classes in 2024. Gold’s meteoric rise this year has solidified its status as a ‘must-have’ asset class in all portfolios.
There are no high-tier data releases on the U.S. economic calendar in the first part of next week. However, the minutes of the Federal Reserve’s July 30-31 meeting will be published on Wednesday. Fed Chairman Jerome Powell mentioned a ‘real discussion’ about reducing the policy rate during the July meeting’s press conference. Investors will scrutinize the comments made during the rate-cut negotiations. If the minutes reveal that several officials advocated for a surprise rate cut in July, the USD could face additional selling pressure.
Chainani added that if Iran launches an attack against Israel, as widely expected, gold may climb further, quickly reaching the next leg up to $2,525-$2,550. Support is anticipated at $2,466-$2,440-$2,427, with resistance at $2,550 and $2,600.”
Big Events of the Week (According to INDIA TIME)
Monday August 19 2024
06:45 PM US Fed Waller Speech
MCX Open No Holiday for Raksha Bandhan
Tuesday August 20 2024
11:05 PM US Fed Bostic Speech
Wednesday August 21 2024
12:15 AM US Fed Barr Speech
11:30 PM US FOMC Minutes
Thursday August 22 2024
06:00 PM US Initial Jobless Claims AUG/17
07:15 PM US S&P Global Composite PMI Flash AUG
07:30 PM US Existing Home Sales JUL
Friday August 23 2024
07:30 PM US Fed Chair Powell Speech
07:30 PM US New Home Sales MoM JUL
US Jackson Hole Symposium
China
Tuesday August 20 2024
06:45 AM CN Loan Prime Rate 1Y
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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.
