Gold and Silver prices continued losing momentum for the second day this week as they traded in negative territory in the early hours of the domestic futures market on Tuesday amid subdued demand, lower crude prices and improving geopolitical situations.
Gold contract, August 5 expiry, fell nearly Rs 1,500 to an early low of Rs 1,45,423 as compared to last day’s closing of Rs 1,46,917 per 10 grams on Multi Commodity Exchange (MCX).
Similarly, the Silver contract, September 4 expiry, plunged over Rs 4,800 to a low of Rs 2,31,274 per kilogram as compared to the previous closing of Rs 2,36,099 on MCX.
Last seen, MCX Gold was trading at Rs 145650, down Rs 1,267 or 0.86 per cent. MCX Siler was quoted at Rs 231752, down Rs 4,347 or 1.84 per cent.
“MCX Gold opened on a weak note and slipped below the Rs 1,46,000 mark, reflecting a mildly negative undertone. A sustained move above the R 1,46,500-Rs 1,47,000 resistance zone could trigger a recovery toward Rs 1,48,000. On the downside, immediate support is placed at Rs 1,45,500-Rs 1,45,000, and a break below this level could drag prices toward the Rs 1,44,000-Rs 1,43,500 zone,” said Ponmudi R, CEO of Enrich Money.
Overall, the near-term outlook remains mildly negative, with prices needing to reclaim Rs 1,46,000 and move above Rs 1,47,000 to improve momentum, he added.
24k, 22k Gold Rates Today
The gold rates for all purity levels fell in the domestic retail market as well, mirroring the decline in the futures market. According to bullion.co.in, the 24 karat gold rate today is Rs 1,45,990 per 10 grams, while the 22 karat gold rate today is Rs 1,33,824.
At the same time, the price of 20 karat gold on July 7 is Rs 1,21,658 per 10 grams, and the 18 karat gold rate is Rs 1,09,493 per 10 grams. Meanwhile, the silver rate in the domestic retail market is Rs 2,31,540 per kilogram.
Gold Rates In Delhi, Chennai, Mumbai and Other Cities
New Delhi Gold Rate: 24k- Rs 1,45,370, 22k- 1,33,326
Mumbai Gold Rate: 24k- Rs 1,45,620, 22k- 1,33,485
Kolkata Gold Rate: 24k- Rs 1,45,430, 22k- 1,33,311
Chennai Gold Rate: 24k- Rs 1,46,060, 22k- 1,33,888
Hyderabad Gold Rate: 24k- Rs 1,45,870, 22k- 1,33,714
Bengaluru Gold Rate: 24k- Rs 1,45,750, 22k- 1,33,604
Gold and Silver Rates in the International Market
The precious metals prices were trading lower in the international futures market in the early hours. Last seen, COMEX Gold was trading at $4,129.90 per ounce, down $37.60 or 0.90 per cent. COMEX Silver was quoted at $60.795 per ounce, down $1.5 or 2.46 per cent.