Gold Price Today: Gold opens above Rs 77,500/10 gm, while silver trades flat

Making new highs for 3 consecutive sessions now, Gold December futures contracts at MCX opened flat today at Rs 77,565 per 10 gram, which is up by 0.60% or Rs 458 while silver December futures contracts were trading at Rs 92,573/kg, up by 0.90% or Rs 829.

On Thursday, gold and silver settled on a mixed note in the domestic as well as the international markets. Gold December futures contract settled at Rs 77,107 per 10 grams with a gain of 0.58% while silver December futures contract settled at Rs 91,744 per kilogram with a loss of 0.48%.

Gold and silver settled on a mixed note after the U.S. jobless claims declined in the last week to 2,41,000 against previous claims of 2,60,000 and retail sales grew in the last month by 0.4% against expectations of 0.3% and core retail sales also grew 0.5% against expectation of 0.1%.

The dollar index was traded steady at 11-week highs after upbeat U.S. data and limits gains of precious metals. However, the European Central Bank (ECB) cut its main refinancing rate by 25 basis points to 3.40% and supported gold and silver prices.

Today, the US Dollar Index, DXY, was hovering near the 103.71 mark, gaining 0.12 or 0.12%.

“Gold prices hit a life high and crossed $2,700 per troy ounce levels. Israel’s aggression in the middle-east is supporting safe-haven demand for gold. Uncertainty in the U.S. presidential elections is also driving gold prices. We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and geo-political tensions but gold and silver could hold $2,655 and $30.80 per troy ounce levels respectively on a weekly closing basis,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.

Ranges for gold and silver by Manoj Kumar Jain:

• At MCX, gold has support at Rs 76,850-76,600 and resistance at Rs 77,350-77,550.
• Silver has support at Rs 91,100-90,450 and resistance at Rs 92,400-93,000.

“We suggest buying gold on dips around 76900 with a stop loss of 76600 for the target of 77500 and also suggest buying silver around 91500 with a stop loss of 90800 for the target of 93000,” Jain added.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)