Gold Price Today: Yellow metal prices gain Rs 500/10 gm so far in January, silver up by Rs 2,000/kg
Gold February futures contracts at MCX opened flat on Monday at Rs 77,260 per 10 gram, which was down by 0.07% or Rs 57 while silver March futures contracts were trading at Rs 89,272/kg, up by 0.06% or Rs 51.
So far in January, gold prices have increased by Rs 500/10 grams, while silver prices have gone up Rs 2,000/kg in the same period.
On Friday, gold and silver settled on a mixed note in the domestic and international markets. Gold February futures contract settled at Rs 77,317 per 10 grams with a loss of 0.51% while silver March futures contract settled at Rs 89,221 per kilogram with a gain of 0.05%.
Gold and silver showed very high price volatility and recovered from their lows last week despite gains in the dollar index and the US bond yields. The European and US economic data released last week were mixed and supported precious metal prices. Manufacturing activities in developed countries are struggling and supporting safe-haven demand for precious metals.
However, weakness in the Euro and Pound Sterling supported the dollar index. The dollar index is trading at 2-year highs and the US 10-year bond yields are also trading at 7-month highs and limiting gains of precious metals.
Today, the US Dollar Index, DXY, was hovering near the 108.87 mark, falling 0.08 or 0.08%.“Gold is holding its key support level of $2,588 per troy ounce on a weekly closing basis and silver prices also holds $28.80 per troy ounce levels. 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 77,080-76,850 and resistance at Rs 77,600-77,850
- Silver has support at Rs 88,650-88,100 and resistance at Rs 89,900-90,500.
Jain suggests buying silver on dips around Rs 88,500 with a stop loss of Rs 87,750 for the target of Rs 90,200.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,616/8 grams while pure gold (24 carat) prices stand at Rs 61,400/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,488/8 grams while pure gold (24 carat) prices stand at Rs 61,328/8 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 60,576/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,184/8 grams while pure gold (24 carat) prices stand at Rs 61,008/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)