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Gold traded lower on MCX on July 23 amid profit-taking after yesterday’s 2% rise. This comes as crude oil prices remain elevated, driven by the ongoing US-Iran conflict. August gold futures fell 0.48% to Rs. 1,44,984. September silver futures declined 0.40% to Rs. 2,26,090. Meanwhile, Brent crude futures gained 2.30% to $96.23 per barrel. US West Texas Intermediate (WTI) edged higher by 1.81% to $88.40 per barrel.
According to the CME FedWatch Tool, traders now expect a 77% chance of a September rate hike by the US Federal Reserve.
24K gold rose by Rs. 77 to Rs. 1,47,280 per 10 grams, while 22K gold also advanced by Rs. 70 to Rs. 1,35,000. By city, Mumbai and Kolkata mirrored prices at Rs. 1,47,280, while Delhi was at Rs. 1,47,420, and Chennai at Rs. 1,46,520.
US gold prices held steady on Thursday, pulling back from two-week highs hit in the previous session, as an escalating Middle East conflict drove oil prices higher.
Spot gold was little changed at $4,132.01 per ounce. US gold futures for August delivery fell 0.4% to $4,134.60.
Spot silver was up 0.3% at $59.90 per ounce, platinum gained 0.7% to $1,656.24 and palladium rose 0.8% to $1,301.25.
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"Oil continues to be up, adding to pressures of inflation and expectations of Fed interest rate hikes, capping a positive undertone in gold as the dollar weakens," said Jigar Trivedi, a senior research analyst at IndusInd Securities.
MCX gold has support at Rs. 1,44,400 and Rs. 1,43,350, and resistance is at Rs. 1,46,800, followed by Rs. 1,48,000, while silver has support at Rs. 2,24,400 and Rs. 2,22,000 and resistance is at Rs. 2,29,100 and Rs. 2,31,000.
"We suggest long-term investors must hold their long positions in gold and silver, but traders can book profits in every market rise in gold around Rs. 1,47,000 and Rs. 1,48,000 range and in silver around Rs. 2,31,000 and Rs. 2,33,000 range," said Manoj Kumar Jain of Prithvifinmart Commodity Research.
