Gold Price Today: Yellow metal prices extend rally, opens at Rs 76,198/10 gm; Silver at Rs 90,431kg

Gold December futures contracts at MCX extended its rally opening at Rs 76,198 per 10 gram, which is up by 0.22% or Rs 164 while silver December futures contracts were trading at Rs 90,431/kg, down by 0.38% or Rs 342.

Internationally too, gold prices inched higher on Thursday for a fourth consecutive session, supported by safe-haven demand amid the intensifying Russia-Ukraine war, while investors looked for further clarity on the U.S. interest rate outlook.

Spot gold was up 0.2% at $2,654.50 per ounce, as of 0023 GMT while the US gold futures rose 0.2% to $2,657.10.

Ukraine fired a volley of British Storm Shadow cruise missiles into Russia, the latest Western weapon it has been permitted to use on Russian targets a day after it fired US ATACMS missiles. Meanwhile, the United States vetoed a U.N. Security Council resolution calling for a ceasefire in Gaza, adding to the ongoing geopolitical tensions.

Today, the US Dollar Index, DXY, was hovering near the 106.52 mark, gaining 0.17 or 0.15%.

Non-yielding assets like bullion thrive in a lower interest rate environment and during times of geopolitical uncertainties and a potential additional stimulus measures from China could provide further support to the metals.

Ranges for gold and silver by Rahul Kalantri, VP Commodities, Mehta Equities:

• At MCX, gold has support at Rs 75,680–77,450, with resistance at Rs 76,210–76,440.
• Silver has support at Rs 89,450–89,050, and resistance at Rs 90,750–91,480.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 57,992/8 grams while pure gold (24 carat) prices stand at Rs 61,864/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 57,744/8 grams while pure gold (24 carat) prices stand at Rs 61,864/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 56,816/8 grams while pure gold (24 carat) prices stand at Rs 60,584/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 57,040/8 grams while pure gold (24 carat) prices stand at Rs 60,776/8 grams.

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