Gold prices have taken a break after a series of earnings observed in recent weeks. The contract of future yellow metal for August 2022 ended approximately 1,000 ₹ lower compared to its last week levels at 50,603 ₹ by 10 g. The cash price in cash closed at 1826 by ounce levels. Inspired by the weakness of the prices of basic metals, the prices of MCX Silver corrected 1.95 last week and closed at 59,749 ₹ per kg. The price of Silver MCX corrected by 2.57% and closed $ 21.11 per ounce.
According to experts in Bullion, Spot Gold Price has immediate support at $ 1810 on ounce levels while solid support is placed at $ 1,770. The Silver spot price has immediate support at $ 20.50, while solid support for SPOT Silver is placed at $ 20. On MCX, Gold Price has immediate support at 49,900 levels while solid support is placed at 49,200 ₹ by 10 GM. They then added that MCX Silver Price has immediate support placed at 58,500 levels, while the solid support for MCX Silver Price is 56,000 ₹.
Speaking about the reasons for DIP in Gold Price, vipul srivastava-research analyst at Religare Broking Ltd said: “Gold prices have taken a break after a series of earnings observed in recent weeks. The Mighty Dollar found The spotlight when it has increased nearly two high decades again with central banks betting on interest rate increases in their battle against inflation. Energy as well as industrial metals will probably provide a respite against arrow inflation, which once again broke the attraction of ingots. However, the concerns of a world economic slowdown has capped the disadvantage of precious metal, which wins field as a safe refuge. “
Echoing the views of Vipul Srivastava, Anuj Gupta, vice -president – research in Iifl Securities said: “Last week, the price of gold MCX corrected by 0.42% while on the punctual market, it has corrected up to 0.72%. Pressing the prices of gold and silver, whatever the low roupire due to the force in dollars in gold and the ‘Silver. Gold finds support at $ 1810 (49,900 ₹) and solid support for levels of $ 1770 (49,200 ₹). Resistance at $ 1855 (51,300 ₹) and $ 1880 levels (52,000 ₹ ). “
However, Religare Brooking Expert argued that gold prices have a better form compared to the carnage observed in the industrial metal complex citing “, while the American president himself conceded in recent remarks that the increase in rate could lead the economy to the recession, the money could be seen flowing into yellow metal. American GDP was contracted in the first quarter and should slow down almost zero by the second half of the year, indicating Signs of economic distress. Recent versions of Japan, Great Britain, the euro zone and the United States have shown that factory activities have remained stifled in all regions. The dominant risk feelings are likely to raise a precious short -term metal request. In addition, the dollar finds a difficult obstacle nearly $ 105 per barrel and a break in the same thing could open the gateway so that gold takes in ARGE as an asset of refuge. “”
Speaking on Silver Price Perspectives, Anuj Gupta de Iifl Securities said: “The price of money takes the benchmarks of the weakness of the price of basic metals as a waiting for lower demand due to the fear of the recession . The money can find support at $ 20.50 (58,500 ₹) and the next support at $ 20.00 (56,000 ₹). Resistance at $ 21.50 (62,500 ₹) and levels of 22.00 $ (64,000 ₹). “