Gold Hits 2-Week Low Ahead of Fed Meeting: Analysts Weigh in on Rs 98k Forecast

Speedy Summary

• Gold prices dropped to a two-week low at Rs 98,052 per 10 grams and showed a slight positive bias,increasing by Rs 223 or 0.24%.
• Silver futures traded higher by 0.25%, reaching Rs 1,13,330 per kg.
• Profit-taking occurred last week due to a stronger dollar index and optimism surrounding trade deals between the US and Japan.
• On Friday, gold August futures closed at Rs 97,819 with a loss of 0.92%, while silver september futures settled at Rs 1,13,052 per kg with a drop of 1.81%.
• Market volatility is expected this week amid the Federal reserve’s policy meeting and the approaching U.S. tariff deadline on August 1.
• Expert Manoj Kumar Jain predicts gold prices will hold support around $3,240/troy ounce globally while silver may hold at $36.40/troy ounce levels.
• Suggested trading ranges for gold: Support (rs ₹97,440-₹97,100) / Resistance (₹98,280-₹98,600); Silver: Support (₹112200-₹111000) / Resistance (₹114000-₹115115).

Current physical gold rates in major cities:
– Delhi: Standard gold (22 carat) ₹57,872 per/8 grams; pure gold (24 carat) ₹61,760/8 grams
– Mumbai: Standard ₹57k & `/Pure(highlight/> terminals)>>..

Indian Opinion analysts—