Gold Price In India: Gold futures traded in the negative territory on Friday, July 16, as the yellow metal mirrored global trends. Gold prices in international markets also edged higher and are set for their fourth straight weekly gain. On the Multi Commodity Exchange (MCX), gold futures due for an August 5 delivery, were last seen trading lower by Rs 62 - or 0.13 per cent - at Rs 48,338, compared to their previous close of Rs 48,400. Silver futures due for a September 3 delivery were last down 0.09 per cent at Rs 69,615 against a previous close of Rs 69,681.
Domestic spot gold opened at Rs 48,399 per 10 grams on Friday, and silver at Rs 69,403 per kilogram - both rates excluding GST, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
What analysts say:
Kshitij Purohit, Lead Currency & Commodities, CapitalVia Global Research Limited.
''MCX Gold future has opened slightly gapped down at 48378, trading to the support of 15-SMA of intraday chart placed near 48270. The key hurdle is at 48500. The price has remained sideways to marginally positive in past few sessions.
MCX Silver future has inched higher on Friday with gapped up at 69906, inclined by +0.26% from previous closing, trading with sideways to marginally positive momentum. The price has sustained above the key support of 15-SMA of hourly chart placed at 69638. The resistance holds near psychological mark of 70000.''
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:
''Gold rose in intraday trade yesterday amid weaker US Dollar and softening US 10 yr. bond yields as uncertainty on Fed's stance on tapering bond purchases weigh.
U.S. Treasury yields continued its slide as it fell to one-week lows as Federal Reserve Chair Jerome Powell in his testimony before Congress, for the second day, maintained that rising inflation is likely to be transitory and that the U.S. central bank would continue to support the economy.
Although the general bias is on the upside one has to be cautious as any uptick in dollar might pressurize gold.”