GOLD UP SLIGHTLY; MCX FACES RESISTANCE AT RS 60K

Published on Jul 20, 2023 13:38

Gold futures experienced slight gains today, but remained within a narrow trading range due to a lack of market triggers. However, next week, the gold market is expected to see increased volatility as it awaits a series of data releases from the US, including the FOMC rate decision.

COMEX gold futures were seen trading at $1981.90, up $1.10 per ounce. The counter came under some pressure after rallying to $1988.30 on Tuesday, as US dollar index resumed the 100 mark.

While MCX gold for August 4 traded at Rs 59807, up Rs 17 per 20 grams, facing resistance near Rs 60,000. Silver futures on MCX also rose to Rs 76,600 per kg and was last seen trading at Rs 76400 levels up Rs 65.

Next week, gold market volatility is expected as it awaits crucial US economic data, including manufacturing, consumer confidence, unemployment claims, core PCE, and revised consumer sentiment. The FOMC rate statement and federal funds rate decision will also be closely monitored, influencing gold prices.