Gold traded flat while silver slipped in early trading on Monday due to softer crude oil prices, which dampened expectations of further interest rate hikes by the US Federal Reserve. On the Multi Commodity Exchange (MCX), gold futures for August 5 opened lower at Rs 1,47,135 per 10 grams, down Rs 243 or 0.16% from the previous close. The yellow metal was trading at Rs 1,47,177 per 10 grams, down Rs 200 or 0.14% at around 11 am.
Silver futures for September 4 opened at Rs 2,36,393 per kg, down Rs 1,017 or 0.42% from the previous close. The white metal was trading at Rs 2,36,198 per kg, down Rs 1,212 or 0.51% at the last count. In the international market, COMEX gold rose by 1% to $1,173.24 per ounce, while COMEX silver increased by 2% to $62.29 per ounce.
According to commodity market experts, gold maintained stability near a two-week high and remained above its key short-term moving averages, indicating strength in the market. They noted that immediate resistance for gold is at Rs 1,48,750 per 10 grams, and a breakout above this level could further boost the upward momentum.
Despite opening lower, silver also traded above its short-term moving average and could potentially move towards the next resistance level of Rs 2,45,184 per kg, as suggested by experts. Meanwhile, international benchmark Brent crude dropped by 0.76% to $71.55 per barrel, and US West Texas Intermediate (WTI) crude fell by nearly 1% to trade below $69 per barrel. The decline in oil prices followed OPEC+’s decision to increase production targets for August, easing concerns about global supply shortages.
