Gold Price Today: Yellow metal prices tumble by Rs 800/10 gm in December, silver down by Rs 3,850/kg
Gold February futures contracts at MCX opened flat on Tuesday at Rs 76,303/10 gram, which is up by 0.06% or Rs 43 while silver March futures contracts were trading at Rs 87,361/kg, down by 0.19% or Rs 170.
Gold prices have tumbled by Rs 800/10 grams in the month of December so far while silver prices fell by Rs 3,850/kg in the same period.
On Monday, gold and silver settled on a weaker note in the domestic and international markets. Gold February futures contract settled at Rs 76,260 per 10 grams with a loss of 0.37% and silver March futures contract settled at Rs 87,531 per kilogram with a loss of 1.53%.
Gold and silver extended its fall in a highly volatile session after the US pending home sales surged in November month and steady dollar index.
The US pending home sales grew 2.2% in November month against 1.8% growth of October month. Data also beat the expectations of a growth of 0.9%. The US pending home sales are up by 6.9% for the year.
The dollar index is also trading steady amid pressure in the global equity markets and trading near 2-year highs. The US 10-year bond yields are also sustaining above 4.50% levels and limiting gains of precious metals.Today, the US Dollar Index, DXY, was hovering near the 107.95 mark, falling 0.18 or 0.16%.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and volatility in the global financial markets,” said Manoj Kumar Jain of Prithvi Finmart Commodity Research.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 76,040-75,800 and resistance at Rs 76,500-76,770.
- Silver has support at Rs 86,800-86,150 and resistance at Rs 88,200-89,000.
Jain suggests staying away from gold and silver in today’s session ahead of the new-year holidays in the international markets.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,112/8 grams while pure gold (24 carat) prices stand at Rs 60,896/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,824/8 grams while pure gold (24 carat) prices stand at Rs 61,688/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,672/8 grams while pure gold (24 carat) prices stand at Rs 60,440/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,960/8 grams while pure gold (24 carat) prices stand at Rs 60,760/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)