Gold Price Today: MCX Gold Falls 0. 24% to Rs. 1,43,371 Amid Tensions in the Middle East, Brent Rises 1. 05% to $78. 84
Gold traded lower on the MCXon July 9 amid renewed tensions between the US and Iran fueled inflation concerns and expectations of aggressive monetary tightening. August gold futures fell 0. 24% to Rs. . . .
Gold traded lower on the MCXon July 9 amid renewed tensions between the US and Iran fueled inflation concerns and expectations of aggressive monetary tightening. August gold futures fell 0. 24% to Rs. 1,43,371. September silver futures fell 0. 44% to Rs. 2,22,464. Meanwhile, Brent crude futures rose 1. 05% to $78. 84 a barrel. US West Texas Intermediate (WTI) advanced 1. 07% to $74. 31 a barrel. According to the CME FedWatch Tool, traders now see a 68% probability of a Federal Reserve rate hike in September, up from 63% previously. 24K goldfell by Rs. 11 to Rs. 1,43,240 per 10 grams, while 22K gold also declined by Rs. 10 to Rs. 1,31,300. By city, Mumbai and Kolkata mirrored prices at Rs. 1,43,240, while Delhi was at Rs. 1,43,390, and Chennai at Rs. 1,44,220. US goldfell on Thursday, hovering near a one-week low set in the previous session, as renewed US-Iran hostilities lifted oil prices. Spot gold fell 0. 4% to $4,060. 46 per ounce. US gold futures for August delivery were down 0. 3% at $4,069. 80. Spot silver fell 0. 9% to $57. 77 per ounce, while platinum rose 0. 8% to $1,591. 13 and palladium gained 0. 8% to $1,223. 95. Also Read:Bitcoin and Gold Face Unusual Decline as Investors Face New Market Pressures"The catalyst that is supporting this trend to the downside for gold is a repricing of a second interest rate hike by the Federal Reserve to come in as early as Q1 next year," said Kelvin Wong, a senior market analyst at OANDA. "After yesterday's skirmish, that temporary ceasefire agreement between US and Iran is on shaky ground right now, so things could turn pretty fluid again. "Internationally, gold has support at $4,055 and $4,010, while resistance is at $4,122 and $4,150 per troy ounce, and silver has support at $57 and $55. 50, while resistance is at $60 and $61. 40 per troy ounce. On the MCX, gold has support at Rs. 1,43,100 and Rs. 1,42,200 and resistance at Rs. 1,44,400 and Rs. 1,45,150, while silver has support at Rs. 2,20,000 and Rs. 2,16,600 and resistance at Rs. 2,26,600 and Rs. 2,30,000.