Gold Price Today, 7 July 2022: Comex gold at over 8-yr low as USD hits 20-yr high; MCX gold support at 50200

Gold Rate Today, Gold Price in India on 7 July 2022: Gold prices in India were trading firm on Thursday, even as yellow metal in the international market fell

Gold Rate Today, Gold Price Today in India
Gold prices traded firm on Thursday with COMEX Spot gold prices were trading 0.38% up near $1745 per ounce in the morning trade

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading firm on Thursday, even as yellow metal in the international market fell. On the Multi Commodity Exchange, gold August futures were ruling Rs 124 or 0.25 per cent up at Rs 50,624 per 10 grams. Silver September futures were trading Rs 334 or 0.6 per cent up at Rs 57,060 per kg. Globally, yellow metal extended its selloff to an over nine-month low on Wednesday hurt by a stronger dollar, while the Federal Reserve’s June meeting minutes established a more “restrictive” monetary policy, according to Reuters. Spot gold firmed 0.3% to $1,744.19 per ounce, as the dollar dipped slightly from the 20-year highs reached on Wednesday, lending support to greenback-priced bullion. U.S. gold futures rose 0.3% to $1,741.80.

Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

Gold is trading at 8.5 month low in COMEX as USD rose to 20 year high. This week, gold has erased $70 on back of recession fears with WTI crude slipping below $100 although at the time of this writing has bounced back and recovered from lows of $95 to $99. $1785 was proving to be strong support for gold and breach below that unwinded long positions and added fresh short positions which took prices till $1732 before recovering somewhat till $1746. Another factor for contribution of gold’s fall was expectation has moved higher that US Fed will raise 75bps rate hike at the end of this month looking at hawkish minutes from last month’s FOMC meeting. The next logical level to look for technical support occurs at $1720. We might see some periodic buying from lower levels but the trend continues to remain weak.

Pritam Patnaik, Head – Commodities, HNI and NRI Acquisitions, Axis Securities

Gold prices have had a nightmarish run for the last 7 sessions, with prices dropping to the lows of $1732, close to its crucial support levels of $1730. The precious metal suffered a double blow of a rallying Dollar index and an extremely hawkish US fed. The FOMC minutes on Wednesday  were extremely hawkish as only one FOMC member was not in support of 75 basis points interest rate hike. Also, the Fed seems totally committed to bringing down the inflationary trend by raising interest rates. This could essay for further three quarter rate hikes not only this month, but going forward too. This aggressive stance has helped DXY to rise to its 19-year high at 107.26. Today’s non farm payroll data could push already weak gold prices into further bear territory.

Tapan Patel, Senior Analyst — Commodities, HDFC Securities 

Gold prices traded firm on Thursday with COMEX Spot gold prices were trading 0.38% up near $1745 per ounce in the morning trade. MCX Gold August futures opened higher near Rs. 50645 per 10 gram in line with firm global prices. Gold prices pared some  previous losses on weaker dollar after falling to 10 month lows. The Fed speculation and dollar movement is dominating bullion prices to trade weak. The US  FED reiterated home interest rates hinting real danger of high inflation. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1720 and resistance at $1760 per ounce. MCX Gold August support lies at Rs. 50200 and resistance at Rs. 51000 per 10 gram.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

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