Gold Price Today: Gold prices open flat at Rs 69,800/10 gm; silver trades at Rs 80,290/kg
Gold October futures contracts at MCX opened flat today at Rs 69,800 per 10 gram, which is down by 0.14% or Rs 95 while silver September futures contracts were trading at Rs 80,290/kg, down by 0.31% or Rs 253.
On Friday, gold and silver settled on a mixed note in the domestic and international markets. Gold October futures contract settled at Rs 69,895 per 10 grams with a gain of 0.27% while silver September futures contract settled at Rs 80,543 per kilogram with a loss of 0.09%.
Gold and silver were settled on a mixed note in the international markets amid mixed global cues and steady dollar index and the U.S. bond yields. The U.S. jobless claims declined in the last week and global equity markets also rebounded amid profit taking in the Japanese Yen and limited gains of precious metals.
However, escalating tensions in the middle-east amid Iran’s threat for retaliation on Israel is supporting safe-haven buying of gold and silver.
Today, the US Dollar Index, DXY, was hovering near the 103.22 mark, falling 1.20 or 0.15%.“Gold and silver are also holding its key support levels amid very high volatility in the global currency markets and possibilities of larger rate cuts by the U.S. Fed to ease recession fears in the United States. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geo-political tensions,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Ranges for gold and silver by Manoj Kumar Jain:
- At mcx, gold has support at 69,700-69,440 and resistance at 70,220-70,500
- Silver has support at 80,000-79,450 and resistance at 81,100-81,850.
“We suggest buying gold on dips around 69700 with a stop loss of 69440 for the target of 70220 and also suggest buying silver around 79850 with a stop loss of 79300 for the target of 81100,” Jain added.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)