Gold Price Today: Gold dips Rs 1,000/10 gm this week so far while silver tumbles Rs 4,300/kg
Gold December futures contracts at MCX today opened flat at Rs 75,153 per 10 gram, which is down by 0.01% or Rs 8 while silver December futures contracts were trading at Rs 89,085/kg, up by 0.4% or Rs 356.
Gold and silver witnessed some profit booking in this week so far as the prices of the former fell by Rs 1,000/10 grams while latter dipped by Rs 4,260/kg.
On Tuesday, gold and silver settled on a weaker note in the domestic as well as international markets. Gold December futures contract settled at Rs75,161 per 10 grams with a loss of 1.16% and silver December futures contract settled at Rs88,729 per kilogram with a loss of 3.93%.
Gold and silver showed heavy sell-off after a news report that the Hezbollah group wants to discuss a ceasefire with Israel. The metals’ prices have hit 3-week lows in the international markets.
“Market participants expect potential de-escalation in the middle-east and booked profits in their long positions,” says Manoj Kumar Jain of Prithvifinmart Commodity Research.
Gold and silver also plunged ahead of the U.S. Fed monetary policy meeting minutes and the U.S. inflation data as market participants are expecting that the U.S. Fed could be hawkish again on the rate cuts after strong U.S. job data and higher crude oil prices.Today, the US Dollar Index, DXY, was hovering flat at the 102.56 mark.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geo-political tensions,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 74,800-74,440 and resistance at Rs 75,500-75,800.
- Silver has support at Rs 87,750-86,800 and resistance at Rs 89,650-90,400.
Jain suggests staying away from gold and silver in today’s session and waiting for the market to stabilize.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)