Gold prices ease on strong dollar ahead of central bank meetings Commodity News - 30 July 2018
Gold prices were trading in the red in morning deals on Monday as the dollar remained steady against its peers ahead of key central bank meetings and US inflation and payrolls data this week.
MCX Gold futures were down 0.24 per cent, or Rs 72, at Rs 29,708 per 10 gram at around 10.10 am (IST), while MCX Silver futures were down 0.30 per cent, or Rs 115, at Rs 38,211 per 1 kg.
According to Sources, gold prices have been correcting gradually since last 3 months and are expected to correct further from these levels towards immediate support placed around 61.8% Fibonacci retracement of its rally from low of Rs 28,055 till high of Rs 31,620, which is placed around Rs 29,417 level. The brokerage house has ‘sell’ on gold with a target price of Rs 29,420 and stop loss at around Rs 30,020. One can enter gold at around 29,800.
The dollar advanced marginally in Asia against major currencies on Monday, as market participants awaited central bank meetings this week, which could set the near-term course for currencies. The greenback also traded close to a 13-month high versus China's yuan.
Nirmal Bang Commodities said, “We expect prices to trade range bound for the day, with major currencies including the dollar in a holding pattern.”
SPDR Gold Trust GLD, the world's largest gold-backed exchangeNSE 0.00 % traded fund, said its latest holdingsNSE -1.52 % stood at 800.20 tonnes, remained unchanged from previous business day. Holdings of the largest silver backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,246.51 tonnes, remain unchanged from previous business day.
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