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Gold Price Today: Yellow metal remains flat this week, silver up by Rs 750

Gold August futures contracts at MCX traded flat this week, opening at Rs 71,708 per 10 gram on Wednesday while silver September futures contracts rose 1% or nearly Rs 750 in the week to open today at Rs 90,285/kg.

Gold and silver were settled on a mixed note in a volatile session ahead of the FOMC minutes. On Tuesday, gold and silver settled on a mixed note in the domestic as well as the international markets. Gold August futures contract settled at Rs 71,554 per 10 grams with a loss of 0.14% and silver September futures contract settled at Rs 89,893 per kilogram with a gain of 0.16%.

Notably, gold has outperformed Nifty over the first half of 2024, delivering 13.37% returns compared to the 50-stock index which has yielded 10.5% in the first six months. In rupee terms, MCX gold contract has gained nearly Rs 8,400 per 10 gram while Sensex surged by 2,279.2 points at the end of June 30, 2024.

Gold and silver showed very high price volatility and settled on a mixed note ahead of the FOMC meeting minutes. Gold prices slipped from their highs after upbeat U.S. JOLTS job openings data.

Today, the US Dollar Index, DXY, was hovering unchanged, near the 105.72 mark.As per the survey new job openings in the U.S. surged to 8.14 million in the month of May against expected job openings of 7.96 millions. However, the European CPI inflation came slightly down in the month of June to 2.5% on a yearly basis against previous month’s reading of 2.6% and supported gold and silver prices.“We expect gold and silver prices to remain volatile this week ahead of the key U.S. data and volatility in the dollar index,” said Manoj Kumar Jain of Prithvi Finmart Commodity Research.Intraday ranges by Manoj Kumar Jain:

  • At mcx, gold is having support at 71,330-71,100 and resistance at 71,800-72,040.
  • MCX silver has support at 89,400-88,800 and resistance at 90,500-91,100.

“We suggest buying gold on dips around 71,400 with a stop loss of 71,180 for the target of 71,850,” added Jain.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)