Gold Price Today: Today’s gold price is down due to a stronger dollar, but after a small correction, gold will rise

In response to a stronger dollar on Friday, gold prices decreased. On MCX Gold August futures were down Rs 44 or 0.07%, trading at Rs 59,508 per 10 grams while Silver is down by Rs 159 at Rs 75,290 per kg.

The previous week, gold prices reached highs of $1,985 in the international market and nearly reached levels of 60,000 per 10 gm in the domestic market before giving back the majority of their weekly gains on Friday. The demand for the old decreased as the US dollar rose from a 15-week low to levels that were one week higher. On the Multi Commodity Exchange (MCX), gold futures for the August 2023 expiration ended 254 per 10 gm lower at levels of 59,298 while the yellow metal itself ended 0.43 per cent lower at levels of $1,960.80 per ounce in the global spot market.

In the final trading session of the previous week, silver’s price erased its weekly gains by finishing 483 per kg lower at 74,966 levels. Today’s silver price on the world market is $24.57 per ounce.

 

According to Saumil Gandhi, “From a technical standpoint, we believe gold price can rise again following a small correction. The short-term trend for Comex gold is still up until the price holds above $1945/oz. Comex gold’s support and resistance levels for the day are $1960/oz, $1945/oz, and $1993/oz, respectively. Support and resistance levels for the MCX Gold August future are Rs. 58980 per 10 g and Rs. 59650, respectively.