Forex Trading, News, Systems and More

Gold Price Today: Yellow metal up by Rs 500/10 gm in 2 days, silver gains Rs 1,400/kg

Gold October futures contracts at MCX opened flat on Friday at Rs 71,981 per 10 gram, which is up by 0.09% or Rs 64 while silver December futures contracts were trading at Rs 85,005/kg, up by 0.06% or Rs 49.

In the last 2 days, the prices of gold have gained Rs 500/10 gm while silver has gained Rs 1,440 per kilogram.

On Thursday, gold and silver settled on a slightly positive note in the international as well as the domestic markets. Gold October futures contract settled at Rs 71,466 per 10 grams with a gain of 0.12% and silver December futures contract settled at Rs 83,565 per kilogram with a gain of 0.38%.

Gold and silver showed very high price volatility and extended its fall in the early trading session but recovered from their lows after downbeat US JOLTS job openings data. The U.S. jobs and labor turnover survey (JOLTS) showed July job openings decline to the lowest level since January of 2021.

Decline in the new job openings pushed the dollar index and the U.S. 10-year bond yields lower and supported gold and silver prices. Gold and silver prices were also gained amid short coverings and bargain buying at lower levels ahead of the U.S. job data. Today, the US Dollar Index, DXY, was hovering near the 101.02 mark, falling 0.09 or 0.09%.“The un-inverted U.S. yield curve also shows that the U.S. economy is healthier and avoiding recession and supporting precious metals prices. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the U.S. job data but it could hold its key support level of $2,464 and $27.80 per troy ounce respectively,” said Manoj Kumar Jain of Prithvi Finmart Commodity Research.Range for gold and silver by Manoj Kumar Jain:

  • At MCX, gold is having support at 71,220-70,950 and resistance at 71,660-71,880.
  • Silver has support at 83,100-82,550 and resistance at 84,200-84,850.

“We suggest buying silver on dips around 83,150 with a stop loss of 82,600 for the target of 84,200,” Jain added.

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