Gold Price Today: Yellow metal surges nearly Rs 1,200/10 gm in a month, silver tumbles by Rs 940/kg
Gold February futures contracts at MCX opened flat on Tuesday at Rs 78,230/10 gram, which is down by 0.08% or Rs 64 while silver March futures contracts were trading at Rs 90,240/kg, down by 0.3% or Rs 273.
Despite volatility in the market, gold prices have risen by nearly Rs 1,200/10 grams in the last one month, however, silver prices have fallen by Rs 940/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 78,166 per 10 grams with a loss of 0.33% and silver March futures contract settled at Rs 90,513 per kilogram with a loss of 2.15%.
Gold and silver prices slipped from one month high in the international markets amid late reactions to the strong US job data and strength in the dollar index. The dollar index and US bond yields are showing strong gains amid uncertainty in the global financial markets and limited gains of precious metals.
Gold and silver prices also slipped amid higher inflation expectations in the United States. The US CPI data is expected to come up at 2.9% on yearly basis against previous reading of 2.7% and could also limit gains of precious metals.
However, weakness in the global equity markets could support safe-haven demand for precious metals. “We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the US inflation data,” said Manoj Kumar Jain of Prithvi Finmart Commodity Research.Today, the US Dollar Index, DXY, was hovering near the 109.57 mark, falling 0.39 or 0.36%.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 77,950-77,660 and resistance at Rs 78,440-78,720.
- Silver has support at Rs 89,800-89,150 and resistance at Rs 91,200-92,000.
Jain suggests waiting for some stability in the markets for initiating fresh long positions in precious metals.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,264/8 grams while pure gold (24 carat) prices stand at Rs 62,168/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,280/8 grams while pure gold (24 carat) prices stand at Rs 61,040/8 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 60,400/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,056/8 grams while pure gold (24 carat) prices stand at Rs 60,768/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)