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Gold and silver rates skidded in Indian markets, capping a weak month for precious metals. On MCX, gold futures were today down 0.3% to 50,580 per 10 gram. So far this month, gold has fallen about 600 while on a three-month basis, the yellow metal is down about 1,100 per 10 gram. Silver futures were weak today and were down 0.9% at 59,259 per kg. 

In global markets, gold fell 0.2% to $1,813.30 per ounce. The precious metal is down about 6% this quarter and is headed for a third straight monthly fall. Among other precious metal, spot silver was today little changed at $20.62 while spot platinum fell 0.9% to $909.00 per ounce.

“Mixed economic data from major economies has also dented growth outlook lending support to gold price. However, weighing on price is monetary tightening stance of major central banks, gains in US dollar and continuing ETF outflows. Gold remains stuck in the $1800-1850/oz and unless we see a break out of this range, price may remain directionless. However, with strength in US dollar and increasing emphasis on tightening, the bias may be on the downside," said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

Normally, gold tends to do well in a high inflation environment but the strength in US dollar index, which hovered near its recent two-decade peaks, dampened the appeal of the yellow metal. 

Bullion's performance in the second quarter erased gains made earlier in the year. In early March, gold had hit 55,500 mark  when the Ukraine-Russia conflict lifted demand for the safe haven.

Gold traders will be looking ahead to eurozone inflation data, which is scheduled to be released on Friday. 

Gold Technical Outlook

“Gold futures posted a third straight session of loss on Wednesday, with prices settling at their lowest in just over two weeks due to strength in the U.S. dollar and comments from Federal Reserve Chairman Jerome Powell which suggested that the central bank will continue to tighten monetary policy. Gold has support at $1808-1795, while resistance is at $1828-1840. Silver has support at $20.48-20.20, while resistance is at $21.20-21.50. In rupee terms, gold has support at 50,370–49,110, while resistance is at 50,940–51,120. Silver has support at 58,780-58,150, while resistance is at 60,220–60,610," Rahul Kalantri, VP Commodities, Mehta Equities Ltd. (With Agency Inputs)

 

 

 

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