**Key Takeaways:**
– Gold and silver futures contracts opened flat on Monday, with gold up by 0.27% and silver up by 0.03%.
– Prices for both metals dropped in the last two trading sessions, with gold falling by Rs 1,100 per 10 grams and silver by Rs 1,850 per kilogram.
– Gold and silver settled lower in both international and domestic markets on Friday due to various economic factors.
– Factors such as U.S. economic data, dollar index, U.S. manufacturing activities, and global events impacted the prices of gold and silver.
– The U.S. Dollar Index was near the 104.29 mark, affecting the prices of precious metals.
– Expert predictions suggest that gold and silver prices may remain volatile in the upcoming week due to economic data releases and global events.
**Gold and Silver Prices Data:**
| Metal | Opening Price | Previous Closing Price | Current Price |
|———–|——————–|————————|—————|
| Gold | Rs 73,184 per 10g | Rs 73,330 per 10g | Rs 72,990 per 10g |
| Silver | Rs 89,676 per kg | Rs 90,500 per kg | Rs 88,826 per kg |
**Ranges for Gold and Silver:**
– Gold: Support at 72,650-72,300 and resistance at 73,330-73,700
– Silver: Support at 88,800-88,000 and resistance at 90,500-91,350
**Expert Opinion:**
“We suggest staying away from gold and silver in today’s session ahead of the Indian Union Budget on 23rd July,” advised Manoj Kumar Jain of Prithvi Finmart Commodity Research.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
**FAQ:**
1. Why did gold and silver prices open flat on Monday?
Gold and silver futures contracts opened flat on Monday due to various economic factors such as mixed U.S. economic data, rebound in the dollar index, and uncertainty over Fed rate cuts in September.
2. What caused the drop in gold and silver prices in the last two trading sessions?
Prices for both metals dropped in the last two trading sessions primarily due to better-than-expected U.S. manufacturing activities data, safe-haven demand in the U.S. dollar, and uncertainty in the markets following global events like the assassination attack on Donald Trump and recovery in the Japanese Yen.
3. What factors are contributing to the volatility expected in gold and silver prices this week?
Factors such as upcoming economic data releases like the U.S. core PCE price index data and first look at the second quarter GDP data, along with global events and market uncertainty, are likely to contribute to the volatility expected in gold and silver prices this week.
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