Gold Price Today: Yellow metal prices fall by Rs 2,260/10 gm in a week, silver down by Rs 5,600/kg
Gold February futures contracts at MCX opened flat on Friday at Rs 75,712 per 10 gram, which is up by 0.08% or Rs 61 while silver March futures contracts were trading at Rs 87,006/kg, down by 0.21% or Rs 181.
Gold prices are displaying weakness, falling by Rs 2,260/ 10 grams in the last one week while silver prices fell by Rs 5,600/kg in the same period.
On Thursday, gold and silver settled on a weaker note in the domestic and international markets. Gold February futures contract settled at Rs 75,651 per 10 grams with a loss of 1.31% and silver March futures contract settled at Rs 87,187 per kilogram with a loss of 3.53%.
Gold and silver extended its fall amid hawkish FED guidance for 2025 and 2026 rate cuts and strong gains in the dollar index. Gold and silver also plunged amid better-than-expected US GDP data and a decline in the US jobless claims.
Today, the US Dollar Index, DXY, was hovering near the 108.42 mark, gaining 0.01 or 0.01%.
Gold prices slipped to 1-month low and silver prices slipped to 3-month lows in the international markets. “Gold is trading near its make or break level of $2,588 per troy ounce in the international markets and if prices slipped below these levels could show further weakness in the upcoming sessions while silver breaches its key support level of $29.88 per troy ounce and likely to test $28.80 per troy ounce levels in the short term,” said Manoj Kumar Jain of Prithvi Finmart Commodity Research.Gold and silver are struggling after hawkish guidance from the US FED on interest rate cuts and could continue to pressure precious metals in the short term. However, the longer-term bullish trend seems to remain intact due to global central banks buying and geo-political tensions.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 75,330-74,850 and resistance at Rs 75,920-76,200.
- Silver has support at Rs 86,400-85,750 and resistance at Rs 88,000-88,800.
Jain suggests traders to stay away from the market until it stabilizes while the long term investors could accumulate in SIP mode
Gold rates in physical markets:
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,136/8 grams while pure gold (24 carat) prices stand at Rs 61,992/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,832/8 grams while pure gold (24 carat) prices stand at Rs 61,712/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,808/8 grams while pure gold (24 carat) prices stand at Rs 60,568/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,840/8 grams while pure gold (24 carat) prices stand at Rs 60,560/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)