Gold Rates In India Slip By Rs 40–45/G Today After A Two-Day Winning Streak; Your Guide To Outlook And Trends

On Thursday, July 31, gold prices in India saw a slight correction following two sessions of gains. Rates fell by approximately Rs 40 to Rs 45 per gram across key purity levels. Gold is still trading close to the psychological mark at Rs 10,000 per gram for 24 carat and around Rs 9,200 for 22 carat despite today's decline amid strengthening USD and US yields, which came after the latest FOMC meeting held interest rates at 4.25%-4.50% as expected.

Gold & Silver Rates In India Today

Gold price in India today reached Rs 10,003 per gram for 24 karat gold, Rs 9,170 per gram for 22 karat gold and Rs 7,503 per gram for 18 karat gold. In India, 24k of 10 grams of gold will cost Rs 1,00,030 today, which is Rs 450 less than the price of Rs 1,00,480 yesterday. Similarly, 24k of 100 grams of gold rates reached Rs 10,00,300 on Thursday in India, which was Rs 10,04,800 on Wednesday, which is a drop of Rs 4,500.

In India, the price of 22k of 10 grams of gold dropped by Rs 400 to Rs 91,700 on Thursday from Rs 92,100 on Wednesday. Meanwhile, the price of 22k of 100 grams of gold dropped by Rs 4,000 to Rs 9,17,000 today from Rs 9,21,000 yesterday.

In India, 18k of 10 grams of gold would cost Rs 75,030 today, compared to Rs 75,360 yesterday, marking a Rs 330 overnight price decline.

The price of silver in India today is Rs 115 per gram and Rs 1,15,000 per kilogram, compared to Rs 117 and Rs 1,17,000 yesterday indicating a drop today amid a stronger US dollar, easing tensions in international trade, fluctuations in industrial demand, and outflows from silver exchange-traded funds.

MCX Gold Outlook Today

"On the technical front, gold ended negative in yesterday's session and is consolidating between its 10- and 20-day EMA lines. Immediate support for MCX Gold is seen at 97,550-97,160, while resistance is placed at 98,300-99,030-100,200. As international gold prices remain volatile, MCX Gold is also likely to remain volatile. Traders are advised to trade with strict stop-losses and small quantities," said Abhishek M Pelu - Research Analyst at Way2Wealth Brokers.

Gold & Silver Price Fundamental Outlook Today

"Gold and silver prices are trading slightly lower today on the international bourses. We expect precious metals prices on Indian bourses to trade range bound to slightly higher for the day; as gold prices edged higher following a sharp decline when traders wound back bets on an interest rate cut in September, after Federal Reserve Chair Jerome Powell said the central bank's policy settings remain well-positioned," commented the research analysts of Nirmal Bang Securities.

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