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Gold traded higher on MCX on July 14 following gains in global bullion prices, as investors are buying at lower levels. August gold futures rose 0.54% to Rs. 1,41,066. September silver futures advanced 0.64% to Rs. 2,19,109. Meanwhile, Brent crude futures rose 1.69% to $84.71 per barrel. US West Texas Intermediate (WTI) advanced 1.92% to $79.64 per barrel.
According to the CME FedWatch Tool, traders now expect a 76% chance of a September rate hike by the Fed, up from 57% last week.
24K gold fell by Rs. 11 to Rs. 1,42,800 per 10 grams, while 22K gold also declined by Rs. 10 to Rs. 1,30,900. By city, Mumbai and Kolkata mirrored prices at Rs. 1,42,800, while Delhi was at Rs. 1,42,950, and Chennai at Rs. 1,43,460.
US gold rose on Tuesday after hitting a two-week low earlier in the session, as markets awaited key US inflation data, with escalating US-Iran tensions driving oil prices higher.
Spot gold was up 0.3% at $4,013.93 per ounce. US gold futures for August delivery gained 0.4% at $4,020.80.
Spot silver inched 0.1% lower to $57.60 per ounce, having earlier touched a two-week low. Platinum fell 0.5% to $1,597.52 and palladium rose 0.6% to $1,254.82.
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"You have a situation where the markets probably don't want to commit. They have a big batch of event risks in front of them. There's, of course, the Warsh testimony and then the CPI print, so there's a lot for people to look at in addition to the headlines out of the Middle East," said Ilya Spivak, head of global macro at Tastylive.
Internationally, gold price has support at $3,955-$3,910, while resistance at $4,040-$4,085 per troy ounce and silver price has support at $56-$54.40, while resistance is at $59.10-$60.60 per troy ounce.
On MCX, gold price may find support at Rs. 1,39,100-Rs. 1,37,700 levels, and resistance at Rs. 1,41,400- Rs. 1,42,200 zone. MCX silver price has support at Rs. 2,16,000-Rs. 2,12,400 levels and resistance at Rs. 2,20,000-Rs. 2,22,500 zone.
