Gold and Silver price today (July 31, 2023): Precious metal trade in red; Gold hovers near Rs 60,000
Gold and Silver price today (July 31, 2023): MCX gold futures (Oct 5) were down 0.25 per cent or Rs 150 at Rs 59,635 per 10 grams at the last count. Here's what analysts suggest.
Gold and Silver price today (July 31, 2023): Precious metal futures in the domestic market on Monday traded in the red.
Last seen, MCX gold futures (Oct 5) were down 0.25 per cent or Rs 150 at Rs 59,635 per 10 grams at the last count, having traded between Rs 59,616 and Rs 59,764 earlier in the day. Silver futures (Sept 5) were down 0.28 per cent or Rs 209 at Rs 73,850 per kg.
"Overall Precious metals may remain volatile to positively biased towards the start of the August month as fresh cues from Payrolls reports to be eyed in the short term perspective. Also China’s mixed official PMIs have lifted hopes for policy stimulus, lending support to Gold price. Meanwhile Weakening loan growth for U.S. banks and what top lending officers across the industry foresee about the credit outlook would be published today in Senior officer's bank lending survey for US banks which could keep gold prices supported in day trade today," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.
Qureshi recommends buying Gold August futures on dips at 59,300, keeping the stock loss at Rs 59,000 and a target price of Rs 60,000. For Silver July future she recommends buy on dips at Rs 73,100, with a stop loss of Rs 72,000 and a target of Rs 75,500.
"MCX Gold and Silver gave positive closing yesterday, August Gold closed at 59427(0.82 per cent) and September Silver closed at 74059(0.42 per cent), Bullion's daily charts are now trading at the demand zone, and Momentum Indicator RSI also indicating the reversal from the bottom level, So traders are advised to make fresh buy positions in Gold and Silver near given support level one with the stop loss of support level two and book near given resistance levels. Gold August Support 59180/58900 and Resistance 59400/59600. Silver September Support 73700/73000 and Resistance 74200/74700," said Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL).
In the international market, COMEX gold traded at $1,952.7 per ounce.
Spot gold was down 0.29 per cent in the international market and stood at $1,953.8 per ounce.
"Today's other major macroeconomic data releases include Germany's retail sales, Euro-zone's GDP (2Q P), and CPI inflation (July Preliminary). Gold is expected to be range-bound. Support is at $1950/$1935. Resistance is at $1965/$1987," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, 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 (July 31, 2023)
City | Gold prices for 24k (10 grams) |
Mumbai | Rs 61,315 |
Delhi | Rs 61,465 |
Chennai | Rs 61,450 |
Kolkata | Rs 61,290 |
Bengaluru | Rs 61,575 |
Hyderabad | Rs 61,400 |
Ahmedabad | Rs 61,415 |
Bhopal | Rs 61,290 |
Visakhapatnam | Rs 61,400 |
Jaipur | Rs 61,300 |
Lucknow | Rs 61,560 |
Coimbatore | Rs 61,510 |
Madurai | Rs 61,485 |
(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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