Gold Price Today: Yellow metal nears Rs 80,000/10 gram mark, opens at new all-time high of Rs 78,196

Gold December futures contracts as well as the silver December futures at MCX today opened at their new all-time highs with the former opening at Rs 78,196/10 gm and the latter at Rs 98,244/kg.

Gold prices were up by 0.55% or Rs 424 from the previous close while silver prices jumped by 2.7% or Rs 2,600.

On Friday, gold and silver settled on a positive note in the domestic and international markets. Gold December futures contract settled at Rs 77,749 per 10 grams with a gain of 0.82% and silver December futures contract settled at Rs 95,402 per kilogram with a gain of 3.99%.

Gold and silver showed solid strength in the last week after ECB cuts interest rates in its monetary policy meetings. Gold prices crossed $2,700 per troy ounce and hit life highs and silver prices also hit 12-year high in the international markets.

Gold and silver also gained amid Fed rate cut hopes in the November policy meeting after mixed U.S. economic data. The Chinese economic data released on Friday was also better than expected and restricted gains on the dollar index and also supported precious metals.

Today, the US Dollar Index, DXY, was hovering near the 100.94 mark, gaining 10.03 or 0.03%.The dollar index slipped from nearly 3-month highs. Escalating tensions in the middle-east and uncertainty over U.S. Presidential elections are also driving gold and silver in the international markets.“We expect gold and silver prices to remain positive this week amid volatility in the dollar index and geo-political tensions and gold and silver could hold $2,664 and $31.40 per troy ounce levels respectively on a weekly closing basis,” said Manoj Kumar Jain of Prithvi Finmart Research.

Ranges for gold and silver by Manoj Kumar Jain:

• At MCX, gold has support at Rs 77,240-76,800 and resistance at Rs 78,220-78,700.
• Silver is having support at Rs 94,400-93,350 and resistance at Rs 96,650-98,000.

“We suggest buying gold above 77,700 with a stop loss of 77,240 for the target of 78,500 and also suggest buying silver above 95,500 with a stop loss of 94,400 for the target of 98,000,” Jain added.

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