Gold Price Today: Gold gains Rs 800/10 gm in one week, while silver up by Rs 2,000/kg

Gold December futures contracts at MCX opened flat today at Rs 75,980 per 10 gram, which is down by 0.09% or Rs 66 while silver December futures contracts were trading at Rs 90,715/kg, down by 0.02% or Rs 21.

Prices of gold have increased by Rs 800/10 gram in the last one week while silver surged by Rs 2,000/kg.

On Monday, gold and silver settled on a weaker note in the domestic and international markets. Gold December futures contract settled at Rs76,046 per 10 grams with a loss of 0.34% and silver December futures contract settled at Rs90,736 per kilogram with a loss of 1.04%.

Gold and silver were unable to hold its last week gain and showed profit taking amid strength in the dollar index and downbeat Chinese economic data. The dollar index extended its gains and hit 9-week highs the U.S. 10-year bond yields are also sustaining above 4.0% levels and pushed gold and silver prices lower.

The Chinese economic data released on Monday and over the weekend was lower than market expectations and a bit bearish for precious metals from the demand perspective. The Chinese Finance Minister commented on the economic stimulus on Saturday but without specific announcements the market took this negative.

Today, the US Dollar Index, DXY, was hovering near the 103.24 mark, falling 0.06 or 0.06%.“The crude oil prices also slipped after OPEC+ downward demand projections and the U.S. equity markets gained. Risk aversion in the market is also a reason for profit taking in precious metals,” 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 and gold and silver could hold $2,600 and $30.00 per troy ounce levels respectively,” Jain added.

Ranges for gold and silver by Manoj Kumar Jain:

• At mcx, gold is having support at Rs 75,800-75,550 and resistance at Rs 76,300-76,620.
• Silver has support at Rs 90,000-89,350 and resistance at Rs 91,400-92,200.

“We suggest buying gold on dips around 75800 with a stop loss of 75550 for the target of 76330,” Jain said.

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