Gold price today: Precious metals under pressure; gold hovers near Rs 60,000 mark

Gold and Silver price today (August 2, 2023): Gold and silver futures were under pressure on Wednesday though broad-based selling in equities kept the downside in precious metals in check. MCX gold futures (October 5) were down by Rs 671 or 1.1 per cent at Rs 59,411 per 10 grams at the last count, having traded between Rs 59,350 and Rs 59,930 earlier in the day.

Silver futures (September 5) were down by Rs 1,457 or 1.93 per cent at Rs 73,970 per kg. 

"Gold having stayed muted in early trade may continue to trade with further cues from strength in the dollar which was driven by anxiety ahead of key U.S. payrolls data on Friday. Also ADP data due today may provide further cues to safe haven bets in Gold," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold August futures on rise at 59,600, keeping the stock loss at Rs 60,000 and a target price of Rs 59,000. For Silver July future she recommends sell on rise at Rs 74,400, with a stop loss of Rs 75,400 and a target of Rs 72,502. 

"Bullions' daily charts are now looking attractive. Good upside movement is possible in near future... Traders are advised to make fresh buy positions in gold and silver near support levels," said Amit Khare, Associate Vice President at Ganganagar Commodity.

He sees support for gold August futures at Rs 58,850/58,500 and resistance at Rs 59,150/59,300. For silver September futures, he sees support at Rs 73,700/73,000 and resistance at Rs 74,700/75,200.

In the international market, COMEX gold traded 0.2 per cent higher at $1,984.5 per ounce.

"Global rating agency Fitch, which kept the US government's credit on a negative watch list in May, has downgraded the US government's credit rating to AA+ from AA. The agency cites anticipated fiscal deterioration over the next three years and a high and growing general government debt burden. Some funds are required to hold only AAA bonds. The development is somewhat supportive for the yellow metal, though the reaction so far is largely muted in the financial markets. The Biden Administration has strongly opposed the rating agency's move. Support is seen at $1,935/$1,900. Resistance is at $1,965/$1,975," said Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas.

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold price (24k) in India (August 2, 2023)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

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