Gold traded higher on MCX on July 22 amid a positive global trend, even as crude oil prices remain elevated, driven by the US-Iran conflict. August gold futures rose 1.07% to Rs. 1,44,408. September silver futures gained 0.94% to Rs. 2,25,886. Meanwhile, oil prices rose above $90. Brent crude futures gained 1.20% to $92.10 per barrel. US West Texas Intermediate (WTI) edged higher by 1.08% to $85.25 per barrel.
According to the CME FedWatch Tool, traders now expect a 64% chance of a September rate hike by the US Federal Reserve.
24K gold rose by Rs. 229 to Rs. 1,46,510 per 10 grams, while 22K gold also advanced by Rs. 210 to Rs. 1,34,300. By city, Mumbai and Kolkata mirrored prices at Rs. 1,46,510, while Delhi was at Rs. 1,46,560, and Chennai at Rs. 1,46,510.
US gold prices rose to a two-week high on Wednesday on technical buying as investors assessed the widening Middle East conflict and awaited the US Federal Reserve meeting next week.
Spot gold climbed 1.6% to $4,139.64 per ounce. US gold futures for August delivery jumped 1.7% to $4,144.20.
Spot silver rose 1.9% to $59.87 per ounce. Platinum climbed 2.4% to $1,667.22, and palladium rose 3% to $1,320.75.
Also Read: How to Find a Gold IRA Company That isn’t a Scam?
"Buyers have been stepping in seeking a value play after the recent pullback, while hopes for diplomatic progress between the US and Iran are also assisting price moves," said Tim Waterer, chief market analyst at KCM Trade.
MCX gold has support at Rs. 1,42,000 and Rs. 1,41,400 and resistance at Rs. 1,44,000 and Rs. 1,45,500, while silver has support at Rs. 2,21,600 and Rs. 2,18,800 and resistance at Rs. 2,26,000 and Rs. 2,28,800.
"We suggest traders trail their stop loss in the long positions and book profits around Rs. 1,44,400 and Rs. 1,45,500 range in gold and the Rs. 2,27,000 and Rs. 2,30,000 range in silver," said Manoj Kumar Jain of Prithvi Finmart Commodity Research.