Gold Price Today: Gold gains Rs 2,500/10 gm in October, while silver surges by Rs 5,700/kg

Gold December futures contracts at MCX were trading at Rs 78,143 per 10 gram, down by 0.37% or Rs 288 while the silver December futures contracts were trading at Rs 96,401/kg, down by 0.65% or Rs 631.

Gold prices have gained Rs 2,500/10 gram in the month of October so far while the silver prices have surged by 5,700/kg.

On Thursday, gold and silver were settled on a positive note in the domestic market while in the international market, the prices of these precious metals settled on a mixed note.

Gold December futures contract settled at Rs78,327 per 10 grams with a gain of 0.66% and silver December futures contract settled at Rs97,032 per kilogram with a gain of 0.07%.

Gold and silver showed very high price volatility and recovered from their lows after profit taking in the dollar index and easing bond yields. The dollar index slipped from 3-month highs after BRICS nations introduced a new international payment framework called “BRICS Bridge” as an alternative to the SWIFT system and to counter dollar dominance in international trade.

Today, the US Dollar Index, DXY, was hovering near the 104.07 mark around 10 am, gaining 0.01 or 0.01%.The process of de-dollarization will increase after the introduction of a new international payment framework and would continue to support precious metal prices.Gold and silver are also catching safe-haven demand due to geo-political tensions. However, the U.S. economic data released on Thursday was better than expected and limits gains. The U.S. jobless claims declined to 2,27,000 against expectation of 2,43,000 claims.

“We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and geo-political tensions,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.

Ranges for gold and silver by Manoj Kumar Jain:

• At MCX, gold has support at Rs 78,040-77,800 and resistance at Rs 78,550-78,800
• Silver has support at Rs 96,100-95,400 and resistance at Rs 97,750-98,600.

“We suggest buying silver on dips around 96200 with a stop loss of 95500 for the target of 97700,” Jain added.

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