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Gold traded lower on MCX on July 28 amid weak global cues. Precious metals witnessed profit-taking as the dollar index hovered near 101.5 ahead of the US Federal Reserve's monetary policy decision on July 29. August gold futures fell 0.48% to Rs. 1,41,800.
September silver futures declined 1.73% to Rs. 2,17,343. Meanwhile, Brent crude futures fell 1.20% to $87.30 per barrel. US West Texas Intermediate (WTI) edged lower by 1.16% to $81.65 per barrel.
According to the CME FedWatch Tool, traders now expect an 81% chance of a September rate hike by the US Federal Reserve.
24K gold fell by Rs. 169 to Rs. 1,44,170 per 10 grams, while 22K gold also declined by Rs. 155 to Rs. 1,32,150. By city, Mumbai and Kolkata mirrored prices at Rs. 1,44,170, while Delhi was at Rs. 1,44,320, and Chennai at Rs. 1,44,160.
US gold prices fell on Tuesday, pressured by a stronger dollar, while markets await Federal Reserve's upcoming policy decision.
Spot gold fell 0.7% to $4,044.81 per ounce after rising around 1% on Monday. US gold futures for August delivery lost 0.8% to $4,045.40.
Spot silver fell 1.9% to $57.30 per ounce, platinum lost 1% to $1,605.14 and palladium slid 1.6% to $1,271.09.
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"We're oscillating in this narrow range between $3,950 and $4,200, and I think the market is just waiting for Fed signals," said Ilya Spivak, Head of Global Macro at financial media network Tastylive.
Spivak added that if the Fed meeting includes language that doesn't set the groundwork for a rate hike in September, gold is likely to rally above $4,200 per ounce.
Internationally, gold has support at $4,034 and $4,000, while resistance is at $4,110 and $4,140 per troy ounce. Silver has support at $57.20 and $56.60, while resistance is at $59.40 and $60 per troy ounce.
On the MCX, gold has support at Rs. 1,42,200 and Rs. 1,41,400, and resistance is at Rs. 1,44,000 and Rs. 1,45,150, while silver has support at Rs. 2,19,100 and Rs. 2,17,000, and resistance is at Rs. 2,24,000 and Rs. 2,26,600.
