Commodity Markets News

Silver price outlook remains bullish, with prices up over 24% YTD. Factors like rising jewellery demand, industrial usage, and interest rate cuts are driving momentum in the white metal prices.

MCX gold price hit a record high of ₹76,000 level in the opening trade. Analysts believe MCX gold prices can hit ₹79,000 to ₹80,000 levels by the year-end led by several factors fueling this bullish momentum.

Drop in copper prices is largely attributed to weak economic data from China, particularly in the manufacturing and property sectors, which has heightened concerns about reduced demand for the red metal.

Gold rate today: MCX Gold October futures have appreciated for the last four sessions and we expect ₹72,500/10 gm as a good resistance for now. The undertone is bullish and we recommend going long on every, analysts said.

Gold rate on MCX has dropped more than 7% or by ₹5,000 in July so far. On the technical front, gold has a major support at ₹65,800 level.;

Gold prices rose as recent US economic data showed signs of a slowdown in the economy. Gold price outlook remains positive amid expectations of interest rate cuts by global central banks, analysts said.

Silver price is likely to benefit on safe-haven buying amid the potential of interest rate reduction from the US Federal Reserve later this year. Traders are currently pricing a 60% chance of a rate cut by September.

Crude oil prices fell despite the ongoing geopolitical tensions and ahead of the meeting of the Organization of the Petroleum Exporting Countries and its affiliates, together known as OPEC+ on supply. Both benchmarks fell less than 1% on Monday.

Gold rate in the international market clocked second consecutive weekly gain on renewed hopes for US interest rate cuts and China’s stimulus measures. Silver price also broke the $30 barrier to hit an 11-year high.

MCX gold price ended 0.01% lower at ₹72,722 per 10 grams. The yellow metal opened at ₹71,730 level and gained over ₹1,000 during the day to hit a high of ₹72,888 led by strong demand on account of Akshaya Tritiya.