Price of gold to remain below Rs. 47,600 as of today
The broader range on the COMEX could be between $1776-$1803. It could hover on the domestic front prices in the range of Rs. 47,200- Rs. 47,6000.
The price of gold in India was trading literally flat on Monday. On the MCX ( Multi Commodity Exchange), the gold contracts rose around 0.07% higher. It rose up to Rs. 47,317 for 10 grams at 1650 hours. Not only gold but silver also rose marginally as it was trading 0.13% higher at Rs. 70,278 per kilogram.
Also, in the International market, the prices of gold edged lower on Monday and were weighed down due to a slight uptick in the dollar. The US gold futures rose 0.1% to $1,785.20. The dollar also ticked up against the rivals up to 0.1% and thus, resulted in making gold expensive for the holders of the other currencies.
Last week, the gold in India was sold at a premium for the very first time in more than two months. This was because the demand gained traction after curbs to combat the second deadly wave of coronavirus. The broader range on the COMEX would be between $1776-$1803.
Also, more jobs were added than expected in the month of June, after the release of the employment data of the US, the prices of gold for the first time could not cross the resistance level of $1800 per ounce.
International spot gold and the prices of silver have flat to marginally higher in the Asian trade. Also, the economic calendar of this week is thin as it only consists of the ISM Non-Manufacturing PMI and the jobless claims.