Gold Price Today: MCX Gold Falls 1% to Rs. 1,42,050 Amid Escalating Tensions in the Middle East, Brent Rises 4%
Gold traded lower on MCXon July 13 as crude oil prices rose amid escalating tensions between the US and Iran, which drove the US dollar higher. August gold futures fell 1% to Rs. 1,42,050. September silver. . .
Gold traded lower on MCXon July 13 as crude oil prices rose amid escalating tensions between the US and Iran, which drove the US dollar higher. August gold futures fell 1% to Rs. 1,42,050. September silver futures fell 1. 9% to Rs. 2,18,439. Meanwhile, Brent crude futures rose 4. 05% to $79. 09 a barrel. US West Texas Intermediate (WTI) advanced 4. 13% to $74. 36 a barrel. According to the CME FedWatch Tool, traders now expect a 72% chance of a September hike by the Fed, up from 63% last week. 24K goldfell by Rs. 142 to Rs. 1,42,910 per 10 grams, while 22K gold also declined by Rs. 130 to Rs. 1,31,000. By city, Mumbai and Kolkata mirrored prices at Rs. 1,42,910, while Delhi was at Rs. 1,43,050, and Chennai at Rs. 1,44,000. US golddeclined over 1% on Monday amid concerns over the closure of the Strait of Hormuz, which drove oil prices higher, reviving expectations of elevated interest rates. Spot gold dropped 1. 5% to $4,059. 11 per ounce. US gold futures for August delivery were down 1. 1% at $4,067. 10. Spot silver declined 2. 9% to $58. 14 per ounce, platinum shed 1. 8% to $1,598. 48, and palladium fell 2. 3% to $1,247. 27. Also Read:How to Find a Gold IRA Company That isn’t a Scam?"Any breakout of violence in the Gulf is accompanied by pressure on gold," said Nicholas Frappell, global head of institutional markets at ABC Refinery. "The question is, if the Strait of Hormuz remains effectively or partially closed, does that lead to a deflationary effect, further down the road, that might actually be supportive for gold if you have demand destruction leading to lower economic activity," Frappell added. Internationally,gold has supportat $4,074 and $4,040, while resistance is at $4,144 and $4,180 per troy ounce, and silver has support at $59. 10 and $57. 70, while resistance is at $61. 20 and $62. 40 per troy ounce. On MCX, gold has support at Rs. 1,42,400 and Rs. 1,41,100, and resistance is at Rs. 1,44,400 and Rs. 1,45,550, while silver has support at Rs. 2,20,000 and Rs. 2,16,600, and resistance is at Rs. 2,26,000 and Rs. 2,28,800.