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Gold traded lower on MCX on July 31 amid profit-taking as the US dollar trended higher and US-Iran tensions escalated. August gold futures fell 0.57% to Rs. 1,42,413. September silver futures declined 0.53% to Rs. 2,18,805. Meanwhile, Brent crude futures declined 0.98% to $88.16 per barrel. US West Texas Intermediate (WTI) edged lower by 1.47% to $82.36 per barrel.
According to the CME FedWatch Tool, traders now expect a 63% chance of a September rate hike by the US Federal Reserve.
24K gold rose by Rs. 27 to Rs. 1,44,600 per 10 grams, while 22K gold also advanced by Rs. 25 to Rs. 1,32,550. By city, Mumbai and Kolkata mirrored prices at Rs. 1,44,600, while Delhi was at Rs. 1,44,750, and Chennai at Rs. 1,44,600.
US gold prices found support from bargain buying around the $4,000 level. While investors weighed developments in the Middle East and their impact on the US rate outlook.
Spot gold fell 0.6% to $4,076.53 per ounce. US gold futures for August delivery lost 0.4% to $4,074.20. Spot silver fell 0.8% to $58.48 per ounce. Platinum slid 1.7% to $1,631.77, and palladium fell 0.8% to $1,294.
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"Gold is showing a mild negative bias today amid profit-taking and a moderate bounce in the US dollar, following the metal's gains yesterday and the corresponding fall in the greenback," said Tim Waterer, chief market analyst at KCM Trade.
However, "gold has had a better run of things this month. A key support has been the metal finding a cushion of sorts around the $4,000 level, which has attracted buyers on dips," Waterer said.
Internationally, gold has support at $4,064 and $4,020, and resistance is at $4,120 and $4,155 per troy ounce, while silver has support at $58.20 and $57.70, and resistance is at $59.80 and $60.60 per troy ounce.
On MCX, gold has support at Rs. 1,42,400 and Rs. 1,41,750 and resistance is at Rs. 1,44,000 and Rs. 1,45,100, while silver has support at Rs. 2,17,700 and Rs. 2,16,000 and resistance is at Rs. 2,22,200 and Rs. 2,24,500.
