Gold Price Today: Gold prices fall by Rs 1,900/10 gm this week, silver down by Rs 2,150/kg
Gold December futures contracts at MCX opened higher at Rs 75,681 per 10 grams, which is up by 0.62% or Rs 460 while silver December futures contracts were trading at Rs 88,623/kg, up by 0.42% or Rs 373.
Gold prices fell by Rs 1,900/ 10 grams in this week so far while silver prices fell by Rs 2,145/kg in the same period.
On Monday, gold and silver settled on a mixed note in the domestic markets while settling on a slightly positive note in the international markets. Gold December futures contract settled at Rs 75,211 per 10 grams with a loss of 0.13% while silver December futures contract settled at Rs 88,250 per kilogram with a gain of 0.63%.
Gold and silver prices recovered after Monday’s heavy sell-off in the international markets. The dollar index and the U.S. bond yields slipped from their highs amid the Israel-Hamas ceasefire deal.
The U.S. housing data released on Tuesday was very disappointing as new home sales dropped 17.3% in October month to 6,10,000 units due to higher mortgage rates and supported precious metals.
“Bitcoin prices corrected from their highs and dips to $92,000 a coin and supported gold and silver prices. However, the market anticipates that Trump’s tariff plans could increase inflation and may be a cause of concern for the Fed for more rate cuts,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Today, the US Dollar Index, DXY, was hovering near the 106.90 mark, gaining 0.11 or 0.11%.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, U.S. GDP data and the U.S. core PCE price index data 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 74,850-74,600 and resistance at Rs 75,500-75,770.
- Silver has support at Rs 87,650-86,950 and resistance at Rs 88,900-89,550.
Jain suggests buying silver on dips around Rs 87,700 with a stop loss of Rs 87,150 for the target of Rs 89,000.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,848/8 grams while pure gold (24 carat) prices stand at Rs 61,624/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,160/8 grams while pure gold (24 carat) prices stand at Rs 60,984/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,912/8 grams while pure gold (24 carat) prices stand at Rs 60,616/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,144/8 grams while pure gold (24 carat) prices stand at Rs 60,896 /8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)