Gold Price Today: Gold prices surge by Rs 1,500/10 gm in 2 days, silver up by Rs 2,700/kg
Precious metals displayed certain strength as the Gold December futures contracts at MCX opened today at Rs 75,400 per 10 gram, which is up by nearly 0.50% or Rs 353 while silver December futures contracts were trading at Rs 91,059/kg, up by 0.6% or Rs 546.
Gold prices shot up by Rs 1,480/ 10 grams in the last 2 days while silver prices went up by Rs 2,700/kg in the same period.
On Monday, gold and silver snapped their losing streak, settling on a positive note in the domestic and international markets. Gold December futures contract settled at Rs75,047 per 10 grams with a gain of 1.49% and silver December futures contract settled at Rs90,513 per kilogram with a gain of 2.37%.
Gold and silver made a solid comeback on Monday after escalating the Russia-Ukraine war and profit-taking in the dollar index. Russia struck Ukrainian power facilities over the weekend and U.S. President Joe Biden authorized Ukraine to strike inside Russia with U.S. supplied long-range missiles.
The dollar index showed profit-taking from one-year highs and also supported gold and silver prices. Today, the US Dollar Index, DXY, was hovering near the 106.13 mark, gaining 0.14 or 0.13%.
Gold and silver also gained after Goldman Sachs’s bullish report on gold with target prices of $3,000 per troy ounce by December 2025 due to global uncertainty after Donald Trump’s win in the U.S. Presidential elections. However, uncertainty on the Fed rate cuts could limit gains of gold and silver. “We expect gold and silver prices to remain volatile amid volatility in the dollar index and the US bond yields but it could hold its key support levels of $2,554 and $29.88 per troy ounce respectively this week,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 74,770-74,500 and resistance at Rs 75,330-75,650.
- Silver has support at Rs 89,800-89,150 and resistance at Rs 91,200-92,000.
Jain suggests buying gold on dips around Rs 74,770 with a stop loss of Rs 74,400 for the target of Rs 75,500.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,248/8 grams while pure gold (24 carat) prices stand at Rs 61,080/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,448/8 grams while pure gold (24 carat) prices stand at Rs 61,240/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,744/8 grams while pure gold (24 carat) prices stand at Rs 60,536/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,816/8 grams while pure gold (24 carat) prices stand at Rs 60,496/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)