Gold Price Today: Gold gains nearly Rs 800/10 gm in 1 week; silver rises Rs 600/kg

Gold October futures contracts at MCX opened flat today at Rs 74,268 per 10 gram, hovering near its all-time high level while silver December futures contracts were trading at Rs 90,213/kg, up by 0.09% or Rs 78.

In the last one week, the prices of gold have gained Rs 800/10 gm while silver has gained Rs 600 per kilogram.

On Friday, gold and silver settled on a positive note in the international as well as the domestic markets. Gold October futures contract settled at Rs 74,040 per 10 grams with a gain of 0.82% and silver December futures contract settled at Rs 90,135 per kilogram with a gain of 0.19%.

Gold and silver showed very high volatility and posted solid gains last week after hefty Fed rate cuts and weakness in the dollar index. The U.S. Fed cut interest rates by 50 basis points while Bank of England and the Bank of Japan kept interest rates unchanged and supported bullion prices.

Gold and silver also gained amid weakness in the dollar index after Fed rate cuts and geo-political tensions. Escalating tensions in the middle-east is also supporting safe-haven buying of precious metals.

Gold prices hit life-time highs and silver prices also surged to 2-month highs. Both precious metals are in long-term bull run and could extend their gains in the upcoming months.Today, the US Dollar Index, DXY, was hovering near the 100.77 mark, rising 0.05 or 0.05%.“Any dips in the prices would be a good buying opportunity in gold and silver. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geo-political tensions but expected to hold its support level of $2,564 and $29.80 per troy ounce respectively on a weekly closing basis,” said Manoj Kumar Jain of Prithvifinmart Commodity Reasearch.

Ranges for gold and silver by Manoj Kumar Jain:

• At mcx, gold is having support at 73,800-73,550 and resistance at 74,280-74,600.
• Silver has support at 89,550-88,800 and resistance at 90,650-91,200.

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