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Gold Price Today: Yellow metal prices fall by Rs 2,100/10 gm in 2 days, silver down by Rs 4,050/kg

Gold December futures contracts at MCX opened flat today at Rs 76,369 per 10 gram, which is down by 0.37% or Rs 286 while silver December futures contracts were trading at Rs 90,601/kg, down by 0.24% or Rs 219.

Post the US Election, gold prices fell by Rs 2,100/ 10 grams in the last 2 days while silver prices fell by Rs 4,050/kg in the same period.

Today, the price of 8 grams of standard gold (22 carat) was recorded at Rs 57,384 in Delhi, while pure gold (24 carat) stood at Rs 61,136. The rates in Mumbai stand at Rs 57,224 for 22 carat gold and Rs 61,048 for 24 carat gold, both for a quantity of 8 grams.

Meanwhile, 22 carat gold is priced at Rs 57,192/8 g and 24 carat gold at Rs 60,912/8 g in Hyderabad.

On Wednesday, gold and silver settled on a weaker note in the domestic as well as the international markets. Gold December futures contract settled at Rs 76,655 per 10 grams with a loss of 2.36% and silver December futures contract settled at Rs 90,820 per kilogram with a loss of 4.04%.

Gold and silver prices sharply lower and hit nearly 1-month low after unexpected win of Donald Trump in the U.S. Presidential elections.The dollar index and the U.S. 10-year bond yields surged to 4-month highs and pushed gold and silver prices lower. The U.S. equity markets hit record highs after his win and eases safe-haven demand of gold and silver.Bitcoin prices surged more than 7% in single session and hit record highs and also pushed precious metals lower.

Today, the US Dollar Index, DXY, was hovering near the 105.03 mark, falling 0.05 or 0.05%.

“We expect gold and silver prices to remain volatile this week ahead of the U.S. Fed policy meetings, volatility in the dollar index and geo-political tensions,” said Manoj Kumar Jain of Prithvi finmart Commodity Research.

Ranges for gold and silver by Manoj Kumar Jain:

  • At MCX, gold has support at Rs 76,150-75,500 and resistance at Rs 77,000-77,440.
  • Silver has support at Rs 90,000-88,650 and resistance at Rs 91,850-93,000.

Jain suggests staying away from the precious metals in today’s session ahead of the Fed policy meeting outcomes.

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