Stock Market LIVE: GIFT Nifty indicates a negative start for domestic indices BSE Sensex and NSE Nifty 50

International spot and domestic gold and silver futures fell on Monday weighed down by a risk-on rally in equities and profit-taking by investors after a sharp rally in the previous session. The U.S. Treasury Yields eased on Monday and capped the downside, however, the Dollar recouped some of its losses on Monday and weighed on prices. However, investors awaited guidance from the U.S. central bank and June inflation data later this week to assess the next moves for bullion.

“From an intraday perspective, international gold prices have started marginally stronger this early Tuesday morning in Asian trading. Investors today will be focused on Fed Chair Jerome Powell’s semi-annual Congressional testimony and comments from a series of Fed officials,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.

“Internationally, the range for LBMA spot gold is $2,350 to $2,390, while that for MCX gold in August is 71,950 to 72,900. On the options side, the highest Call OI remains at 75000 strike, while on the downside, the highest Put OI is at 70000 strike. International LBMA spot silver prices have also started marginally higher this early Tuesday morning in Asian trade. The Dollar and the U.S. Treasury Yields have started flat this Tuesday ahead of key events tonight. Internationally, the range for LBMA spot gold is $30.675 to $31.625, while MCX September silver is 91,800 to 93,660. On the options side, the highest Call OI is at 100000 strike, while on the downside, the highest Put OI is at 85000 strike,” he said.