Gold Price Today Jumps Above Rs 47,000; Silver Also Rises. What Investors Must Know

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In the international market, Gold prices edged lower on Thursday, as the dollar hovered near a three-month peak

Gold prices in India jumped above the Rs 47,000-mark on Thursday morning. On the Multi-Commodity Exchange (MCX), August gold contracts dropped 0.03 per cent lower to Rs 47,015 for 10 grams at 1220 hours. Silver saw huge jump on July 1. September silver futures were trading 0.83 per cent higher at Rs 69,650 a kilogram.

In the international market, Gold prices edged lower on Thursday, as the dollar hovered near a three-month peak. Spot gold eased 0.1% to $1,769.11 per ounce, as of 0117 GMT. US gold futures fell 0.2% to $1,768.10. The dollar held firm near a three-month high scaled in the previous session. A stronger dollar makes greenback-priced metals more expensive for holders of other currencies, Reuters mentioned.

“International spot gold and silver prices have started flat this Thursday morning in Asian trade. Upside will be capped as the dollar remained strong ahead of nonfarm payrolls on Friday. Technically, LBMA Gold Spot has bounced back from an important support at $1755 levels and a trade above $1770 will continue to push prices up to $1777-$1785 levels. If LBMA Silver trades above an important support of $26.00 level we could witness a push up to $26.30-$26.50 levels,” said Sriram Iyer, senior research analyst at Reliance Securities.

“Domestic gold and silver prices could start flat this Thursday morning, tracking overseas prices. On the domestic front, MCX Gold August resistance are at Rs 46,900-47,200. Supports are at Rs 46,700-46,500. If MCX Silver July trades above an important support of Rs 67,500 levels we could witness a push up to RS 68,700-69,500 levels,” he added.

“Gold prices recovered slightly in the last session and headed for the biggest monthly drop in more than four years as the dollar strengthened, with investors weighing the outlook for monetary policy after the Federal Reserve’s hawkish shift. Overall, we expect gold prices to consolidate in the range of Rs 46,700-47,200 levels in the short-term,” said ICICI Securities in a report.

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