Gold Silver Price Today: Gold fell by Rs 250 due to global signals, what is the level of support and resistance

Gold Rates Today | Silver Rates Today: There has been a significant decline in the prices of gold and silver in the Indian bullion market. On Wednesday, the price of gold closed down by about Rs 250 in the country’s capital Delhi, while the price of silver also fell by Rs 900. The trend of the international market is being held responsible for this fall in the prices of both precious metals in India. Experts believe that both traders and investors are currently waiting for some important US data including GDP and inflation data, so that they can guess the stance of the US Fed in the coming days.

Gold and silver price in Delhi

According to HDFC Securities research analyst Saumil Gandhi, amid the fall in the global market, the price of gold in the national capital fell by Rs 250 to Rs 72,300 per 10 grams on Wednesday. In comparison, the closing price of gold in the previous trading session was Rs 72,550 per 10 grams. Similarly, the rate of silver also fell by Rs 900 to Rs 90,600 per kg on Wednesday, while on Tuesday it closed at Rs 91,500 per kg.

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State of the global market

In the international markets, spot gold was trading at $2,316 per ounce on Comex, which is $8 less than the previous closing price. Apart from this, silver also closed at $28.95 per ounce. In the last session, it closed at $29.40 per ounce.

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Indicative of comments from the Federal Reserve

Commenting on the global market situation, Saumil Gandhi said that the recent sharp comments by the US Federal Reserve policy makers put pressure on gold, which dashed investors’ hopes of monetary policy easing. He said that the rise in the US dollar has also put pressure on gold prices.

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What is the support and resistance level in gold

Vice President, JM Financial Services (EBG – Commodity & Currency Research)Pranav Mer said, “Despite considerable volatility in the commodity basket, gold futures are stuck in a range as traders and investors await US GDP data on Thursday and important PCE inflation data on Friday. PCE inflation data in the US stands for Personal Consumption Expenditures Price Index, which indicates the burden on the everyday household expenses of the common consumer there. He hopes that both these important figures may give some indication of the upcoming stance of the US Federal Reserve in terms of interest rates.

Pranav Mer said that the current prices of Fed Fund futures are still based on the fact that there can be a 65 percent chance of a rate cut in September. He said that according to the charts, gold currently has strong support between Rs 71,020 and Rs 70,740, while the resistance level on the upside is at Rs 71,760 to Rs 71,930.