Gold Price Today, 30 June 2022: MCX Gold to hover in Rs 50300-51400 range, support at Rs 50500 Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weak in India on Thursday, despite positive global trends. On Multi Commodity Exchange, gold August futures were ruling Rs 17 down at Rs 50,712 per 10 gram. So far this fiscal year, MCX gold has fallen 2.4 per cent. Silver September futures were trading at Rs 59,708 per kg, down Rs 83 or 0.14 per cent. Globally, yellow metal firmed as U.S. Treasury yields dipped, but faces its worst quarter since early 2021, as the dollar cemented its place as the safe-haven asset of choice, amid top central banks adopting aggressive tactics against runaway inflation, according to Reuters. Spot gold was up 0.1% at $1,818.31 per ounce, while U.S. gold futures also firmed 0.1% to $1,819.70. Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services Bhavik Patel, Commodity & Currency Analyst, Tradebulls Securities Gold prices saw sharp fall after US GDP data came lower than expected and the US Fed committed to tackle inflation. Investors feared that US and world economies may go into recession which prompted buying of safe haven US Dollar. Gold once again is at its support zone of $1811-1800 in COMEX. From a technical point of view, the gold trend is slightly bearish and breach below $1800 could see traders adding fresh short. Gold’s range bound movement is a bit of concern as volumes have dried up as well as interest. Usually when any commodity trades sideways, its precursor to bearish movement. We would watch to see if gold breaks $1800 or again bounces back around its mean average of $1833. Tapan Patel, Senior Analyst — Commodities, HDFC Securities Gold prices held steady on Thursday with COMEX Spot gold prices were trading flat near $1820 per ounce in the morning trade. MCX Gold August contract opened flat near Rs. 50726 per 10 gram in line with COMEX gold prices. Gold prices are stuck in the narrow range on mixed global cues. Prices are not budging from current range over FED hike expectations and slowdown fears. The dollar index and US bond yields were also steady post US GDP numbers. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1810 and resistance at $1830 per ounce. MCX Gold August futures support lies at Rs. 50500 and resistance at Rs. 51000 per 10 gram. (The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)
The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)