The current gold rate and the 22 June gold price in India: Gold prices were helped by a decline in the dollar index after the metal fell to a three-month low.
Current gold prices, future gold prices, and gold price projections: On Thursday, the gold rate is trading unchanged, while the silver rate is down 0.74%. Gold August futures were trading at Rs 58,600 per 10 grammes on the Multi Commodity Exchange, down Rs 114 or 0.19%. On the MCX, silver July futures were trading at Rs 68,733 per kg, down Rs 514.
On increased discussion of interest rate increases this year by the U.S. Federal Reserve, the price of yellow metal was little moved globally on Thursday, keeping the bullion anchored close to a three-month low touched in the previous session, according to Reuters. By 0242 GMT, spot gold was unchanged at $1,932.35 per ounce. American gold futures fell by 0.1% to $1,942.70.
Gold will continue to be erratic.
In response to Fed Chairman Jerome Powell’s hawkish statement before Congress, gold prices closed the day slightly down while silver prices plunged significantly. Both commodities touched three-month lows. But after he spoke, U.S. Treasury yields increased, which had an effect on the two precious metals. The Fed Chairman’s remarks on the last day of his hearing are expected to provide direction for the gold and silver prices in today’s session.
The resistance is at $1945 and the support is around $1924-1912 for the price of gold. Support and resistance levels for the silver price are $22.48 and 22.32, respectively. Support and resistance levels for the price of gold in Indian rupees are Rs 58,480 and Rs 58,320, respectively. The support and resistance levels for silver are Rs 68,820-68,420 and Rs 69,740-70,420, respectively, according to Rahul Kalantri, VP Commodities at Mehta Equities.
Prices for gold remain stable after falling three months.
“Gold stabilises after falling to a three-month low, supported by a weakening dollar, but gains were limited by an increase in bond yields following Jerome Powell’s congressional testimony. The governor noted in his speech that the battle against inflation “has a long way to go.” Additionally, he said that it makes sense to raise rates gradually while assuring the market that the banking sector and economy are both stable.
“Chicago Fed Bank President Goolsbee stated on Wednesday that before deciding on its next move, the central bank needs more information on the trajectory of the employment market and inflation. Given that it raises the opportunity cost of owning bullion, the likelihood of further increases in U.S. interest rates has had a significant negative impact on gold over the past month. Today’s focus will also be on the testimony of the Fed governors and the remarks of Fed staff. The BOE policy meeting, where rates are anticipated to be raised by 25 basis points, and the US weekly jobless claims data will both be crucial to monitor, according to Manav Modi, MOFSL.