Gold price up by Rs 215, silver by Rs 348

Experts feel gold will hold USD 1800/ounce psychological benchmark in international market

Gold price up by Rs 215, silver by Rs 348
The Indian Bullion and Jewellers Association (IBJA) usually issues gold-silver rates twice a day, one around 12 noon and around 6 pm.

Gold and silver prices in early trade on July 23 witnessed a hike compared to the previous day’s trade. Gold price on July 23 rose by Rs 215 to Rs 47,922 per 10 grams in early trade following muted trend in international spot prices. In the previous trade, the precious metal had closed at Rs 47,707 per 10 grams. Price of 22 carat gold was also up by Rs 197 to Rs 43,897 per 10 grams against Rs 43,700 on July 22.

Gold and silver were almost flat in the US and other international markets on July 22.

“This change is marginal. Internationally gold price is expected to be around $1,800 per troy ounce. Hence, in India too, price may remain flat for some days,” said Arindam Saha, former eastern regional head of MCX.

Gold continues to hold near $1,800 and buying interest may emerge at lower levels amid persisting challenges to the global economy, added Saha.

Silver also became dearer by Rs 348 to Rs 67,345 per kg in early trade from Rs 66,997 per kg in the previous trade.

“Gold and silver prices were firmer in midday US trading on July 22 and took back overnight losses amid some friendly US and Euro-zone economic data out yesterday. Silver is looking stronger than gold in daily chart and creating a positive divergence,” said Amit Khare, Assistant Vice-President, research commodities, Ganganagar Commodities Limited.

“Amidst encouraging economy data both from US and Euro Zone, gold continues to consolidate and manage to hold psychological level of USD 1,800. The gold prices on closing basis are going nowhere. However, trading in strong pressure throughout the day is forming lower lows on daily basis. We are anticipating some recovery in gold prices in today’s session. However, we still advice investors to stay put and avoid making fresh entry due to limited upside possibilities in the yellow metal,” said Sandeep Matta, founder, TRADEIT Investment Advisor.

The Indian Bullion and Jewellers Association (IBJA) usually issues gold-silver rates twice a day, one around 12 noon and around 6 pm.

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