Gold Price Today: Gold prices fall by Rs 2,200/10 gm in 2 days, silver down by Rs 2,700/kg

Gold December futures contracts at MCX opened flat today at Rs 75,402 per 10 gram, which is up by 0.12% or Rs 91 while silver December futures contracts were trading at Rs 88,074/kg, up by 0.43% or Rs 375.

Gold prices fell sharply, tumbling by Rs 2,200/ 10 grams in the last 2 days while silver prices fell by Rs 2,700/kg in the same period.

On Monday, gold and silver settled on a weaker note in the domestic and international markets. Gold December futures contract settled at Rs 75,311 per 10 grams with a loss of 2.97% and silver December futures contract settled at Rs 87,699 per kilogram with a loss of 3.38%.

Gold and silver prices sharply corrected after news that Israel-Lebanon are inking a ceasefire agreement. Gold prices showed the biggest single day fall since November 2020 after this news. Silver prices also fell amid improved risk sentiment and easing safe-haven buying.

Gold and silver prices also corrected after President elect Trump’s selection of Scott Bessent as Treasury Secretary. His reputation as a fiscal hawk also pushed gold and silver prices lower.

“A sharp correction in the dollar index and the U.S. bond yields could support prices at lower levels. Russia-Ukraine tensions could also support prices at lower levels,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Today, the US Dollar Index, DXY, was hovering near the 107.16 mark, gaining 0.35 or 0.32%.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, U.S. GDP data and Fed monetary policy meeting minutes but it could hold its key support levels of $2,588 and $29.88 per troy ounce levels respectively on a weekly closing basis,” Jain added.

Ranges for gold and silver by Manoj Kumar Jain:

• At MCX, gold has support at Rs 75,000-74,740 and resistance at Rs 75,660-76,000.
• Silver has support at Rs 86,800-86,000 and resistance at Rs 88,500-89,200.

Jain suggests traders to stay away from gold and silver in today’s session and wait for some stability in the markets while long-term investors can add to the current market fall.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 58,472/8 grams while pure gold (24 carat) prices stand at Rs 62,336/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 57,344/8 grams while pure gold (24 carat) prices stand at Rs 61,160/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 56,872/8 grams while pure gold (24 carat) prices stand at Rs 60,592/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 57,080/8 grams while pure gold (24 carat) prices stand at Rs 60,904/8 grams.

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