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Gold traded lower on MCX on July 10 amid weak global cues and uncertainty surrounding US-Iran conflict. August gold futures fell 0.27% to Rs. 1,44,901. September silver futures fell 0.08% to Rs. 2,26,200. Meanwhile, Brent crude futures rose 0.50% to $76.66 a barrel. US West Texas Intermediate (WTI) advanced 0.46% to $72.41 a barrel.
According to the CME FedWatch Tool, traders now expect a 64% chance of a September hike by the Fed, up from 54% a week before.
24K gold rose by Rs. 38 to Rs. 1,44,820 per 10 grams, while 22K gold also advanced by Rs. 35 to Rs. 1,32,750. By city, Mumbai and Kolkata mirrored prices at Rs. 1,44,820, while Delhi was at Rs. 1,44,950, and Chennai at Rs. 1,45,640.
US gold prices edged higher on Friday as the dollar softened and concerns about escalating US-Iran tensions could fuel inflation and keep the US Federal Reserve on a hawkish monetary policy path.
Spot gold was up 0.2% at $4,128.92 per ounce. US gold futures for August delivery were steady at $4,139.50.
Spot silver rose 0.8% to $60.46 per ounce, platinum gained 1.6% to $1,636.68 and palladium added 1.6% to $1,267.
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"Gold is in consolidation mode today following yesterday's gains, with traders hesitant to commit to further upside amid the prevailing uncertainty over US-Iran relations," said Tim Waterer, chief market analyst at KCM Trade.
"I expect gold will continue to attract buyers on dips as long as oil stays around current levels. However, any sharp spike in oil could reignite inflation and interest rate fears, which would be to gold's detriment," Waterer added.
Internationally, gold has support at $4,110 and $4,074, while resistance is at $4,165 and $4,200 per troy ounce, and silver has support at $59.80 and $58.50, while resistance is at $61.40 and $63 per troy ounce.
On MCX, gold has support at Rs. 1,44,400 and Rs. 1,43,650, and resistance is at Rs. 1,46,150 and Rs. 1,47,000, while silver has support at Rs. 2,24,000 and Rs. 2,21,000 and resistance at Rs. 2,29,100 and Rs. 2,32,000.
