Gold, Silver Rate Today Live Updates: MCX Gold, MCX Silver prices drop; international gold prices down as rate hike fears on higher inflation reduce safe haven appeal

Jigar Trivedi of IndusInd Securities believes MCX Gold August futures could remain weak in the near term due to subdued global market sentiment. According to him, prices may drift towards the Rs 1,54,000 per 10 grams level, while Rs 1,56,000 per 10 grams is likely to be an important resistance point for intraday traders to monitor on Monday.

Manoj Kumar Jain of Prithvi Finmart said silver is expected to find support between $64.00 and $66.60 per troy ounce during the current session. On the higher side, he identified the $71.40-$74.00 per troy ounce zone as the key resistance range.

For domestic markets, Jain expects gold to receive support in the Rs 1,53,150-Rs 1,54,400 per 10 grams band, while resistance is seen between Rs 1,56,600 and Rs 1,57,400. In the case of silver, he has placed support levels at Rs 2,36,650-Rs 2,42,400 per kilogram and resistance at Rs 2,53,500-Rs 2,57,700 per kilogram.

Jain’s trading strategy favours accumulating silver around Rs 2,38,000 per kilogram. He recommends maintaining a stop-loss at Rs 2,32,000 while targeting an upside move towards Rs 2,51,000.