Gold Price Today: Gold gains Rs 1,300/10 gm in 3 days, while silver up by Rs 2,100/kg

Gold December futures contracts at MCX opened flat today at Rs 76,224 per 10 gram, which is down by 0.11% or Rs 83 while silver December futures contracts were trading at Rs 91,007/kg, down by 0.74% or Rs 683.

Gold prices have surged by Rs 1,300 per 10 gram in the last 3 days, while the prices of silver prices are up by Rs 2,100/kg.

On Friday, gold and silver settled on a positive note in the domestic and international markets. Gold December futures contract settled at Rs 76,307 per 10 grams with a gain of 1.34% and silver December futures contract settled at Rs 91,690 per kilogram with a gain of 1.53%.

Gold and silver made a solid comeback last week amid geo-political tensions and downbeat U.S. economic data.

The University of Michigan said on Friday that its consumer sentiment survey fell to 68.9 against September month’s revised reading of 70.1, data was lower than expected and the first decline in the last three month. The U.S. jobless claims also surged in the last week and also supported gold and silver prices.

Today, the US Dollar Index, DXY, was hovering near the 103.01 mark, gaining 0.12 or 0.12%.Escalating tensions in the Middle East and Chinese stimulus hopes are also supporting prices of precious metals. “We have already mentioned in our last week’s report when gold and silver were trading near its make or break levels of $2,622 and $30.40 per troy ounce, if these levels are held then short coverings could lift prices to $2,680 and $31.80 per troy ounce levels,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.

“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 76,040-75,800 and resistance at Rs 76,630-76,950.
• Silver has support at Rs 91,000-90,220 and resistance at Rs 92,400-93,300.

“ We suggest buying gold on dips around 76040 with a stop loss of 75770 for the target of 76800 and also suggest buying silver above 91200 with a stop loss of 90350 for the target of 93200,” added Manoj Kumar Jain.

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