gold rate today: Gold Price Today: Yellow metal opens flat at Rs 71,547/10 grams; silver falls by Rs 6,800 in June so far

Ahead of US CPI data, which is due later today, gold prices on MCX for August futures contracts opened flat at Rs 71,547 per 10 grams. Meanwhile, MCX July silver contracts have fallen by Rs 6,800 in June month so far and opened today at Rs 89,317 per kg.

Gold was steady after a two-day gain as investors awaited US inflation data and a Federal Reserve interest rate decision on Wednesday.

Stronger-than-expected US economic data and high inflation have tempered hopes for quick rate cuts. The Fed is expected to keep interest rates unchanged, with a focus on future policy guidance.

Bullion is up 12% this year, driven by expectations of Fed rate cuts, safe-haven demand, and buying by central banks and Chinese consumers. Lower interest rates benefit gold as it doesn’t pay interest.

Spot gold declined 0.1% to $2,314.23 an ounce as of 8:55 a.m. in Singapore, after rising more than 1% in the previous two sessions. The Bloomberg Dollar Spot Index increased by 0.1%. Silver, platinum, and palladium were little changed.Today, the US Dollar Index, DXY, was hovering near the 105.26 mark, rising 0.03 or 0.02%.“On the daily timeframe, MCX Gold (August) has broken down from its rising channel pattern and is trading near its breakdown level. The price is currently below the 21 EMA, which acts as resistance, indicating weakness. If the price breaks below 70,900, which is also the 50 EMA, we can expect further downside movement. Key resistance levels to watch are at 71,900 and 72,500, while support levels are at 70,900 and 70,082,” said Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies.Intraday Trading Strategy by Neha Qureshi:

• Sell MCX August Gold futures at Rs 71,500 with a stop loss of Rs 71,900 and a price target of Rs 70,900
• Sell MCX July Silver futures at Rs 88,600 with a stop loss of Rs 89,600 and a price target of Rs 86,600

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