“Silver costs at MCX for September futures fell by greater than 1 per cent regardless of agency base metals and flat greenback.The traders might keep away from new positions forward of the annual Jackson Gap assembly ranging from Thursday the place the US FED Chair Jerome Powell will ship a Financial Coverage Framework Overview. MCX Gold October might discover help at Rs. 51,200 per 10 gm whereas silver September has necessary help at Rs 65,000 per kg,”mentioned Tapan Patel, senior analyst (commodities) at HDFC Securities.
Navneet Damani, vp (commodities analysis) at Motilal Oswal Monetary Companies mentioned market contributors ought to contemplate a cautious strategy after the dip previously few periods. Speculators raised their bullish positions in COMEX gold and silver contracts within the week to August 18, based on Commodity Futures Buying and selling Fee. ”Broader development on COMEX could possibly be within the vary of $1915- 1952 per troy ounce and on home entrance costs might hover within the vary of Rs 51,500-52,200 per 10 gm” he mentioned.
Anuj Gupta, deputy vp (commodities and currencies analysis) at Angel Broking mentioned “Immediately we expect a draw back development in bullion on the again of power in greenback and expectation of constructive information from the US financial system. Nevertheless US Federal Reserve can also be warning of a slowdown in hiring as a consequence of weak spot within the US financial system which can curb the sharp draw back in bullion costs. Final week gold costs corrected by 0.40 per cent and silver corrected by 0.15 per cent.”
Sriram Iyer, senior analysis analyst at Reliance Securities mentioned: “Markets continues to consolidate and will stay risky within the subsequent few periods. US greenback remained regular this Monday morning in Asian commerce as merchants appeared to the Federal Reserve’s annual Jackson Gap assembly for steerage on the outlook for the US financial coverage.”
MCX October gold opened at Rs 51,860 per 10 gm, much less by Rs 156 per gm in comparison with Friday’s shut. MCX September silver opened at Rs 66,589 per kg, as in comparison with Friday’s shut of Rs 67,067 per kg. Each metals declined additional within the afternoon.
Within the worldwide market, spot gold was down 0.three per cent to $1,933.15 per ounce by 0534 GMT after hitting a one-week low of $1,910.99 on Friday. US gold futures eased 0.four per cent to $1,940.10 per troy ounce.