MUMBAI (Commoditiescontrol)- Spot gold last week moved in the range of USD 1270 and 1287.10 per oz.
Gold in the last few weeks was confined in the range of USD 1266.50 and USD 1301.20 per oz and yet to confirm decisive direction of the trend.
Much will depend on how long the US-China trade war continues, as we all know China is the world top consumer of gold. Also watch out for geo-political tensions for any cues on the yellow metal.
Last week the FOMC meeting minutes revealed that there was a disagreement among the members on inflationary pressures. Some insisted it will be muted; others pointed to the possibility "that inflation pressures could build quickly in an environment of tight resource utilization."
USD towards the end of the week fell down against basket of currencies as US made capital goods fell, points to broader economy is slowing down, partly due to trade standoff with China.
MCX Gold –August-2019
In India gold prices were traded at a premium as dealers charged USD 1 above the domestic market price owing to strong demand.
Retail demand improved a bit and market participants defer their buying as they foresee Indian rupee to gain further, which in turn will reduce their import cost.
Last week MCX gold was traded in the region of 31430 and 31910 and finally settled the week at 31686 per 10 gm.
Resistance is seen at 32200 and then at 32400 per 10 gm
Support is seen at around 31400 and only below on two consecutive days to signal further weakness.
MCX Silver July-19
Last week move INR 36056 and 36740 and settled the week at 36384.
Silver may retest 36800-36900 during next week.
Support is seen at INR 36000 and below to signal further weakness in silver price going forward.
In case sustains above 37000 then expect silver to move higher towards 37300-37500-37700 levels going forward.
(By Commoditiescontrol Bureau)
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