Gold Price Today: Yellow metal prices rally by Rs 1,500/10 gm in a week, silver trades flat
Gold February futures contracts at MCX opened in green on Wednesday at Rs 78,298 per 10 gram, which was up by 0.18% or Rs 142 while silver March futures contracts were trading at Rs 90,747/kg, up by 0.21% or Rs 191.
Gold prices jumped by Rs 1,550/10 grams in the last one week while silver prices have largely traded flat, tumbling by Rs 191/kg in the same period.
On Tuesday, gold and silver settled on a slightly mixed note in the domestic market due to some recovery in the rupee, while the same settled on a slightly positive note in the international markets. Gold February futures contract settled at Rs 78,156 per 10 grams with a loss of 0.01% while silver March futures contract settled at Rs 90,556 per kilogram with a gain of 0.05%.
Gold and silver were traded steady on Tuesday amid profit taking in the dollar index from their highs and easing US 10-year bond yields. The US PPI and core PPI data released on Tuesday was also cooler than expected and supported precious metal prices.
The US PPI for December month came up at 0.2% on monthly basis against expectations of 0.4% while core PPI remained unchanged against expectations of up at 0.2%. The US CPI data will be released later today and is directional for the bullion markets.
“The recent media reports suggest that Israel and Hamas are close to signing a ceasefire deal and it includes release of Israeli hostages by Hamas and could limit safe-haven demand for precious metals,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the US inflation data,” he added.Today, the US Dollar Index, DXY, was hovering near the 109.26 mark, falling 0.01 or 0.01%.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 77,950-77,720 and resistance at Rs 78,400-78,660.
- Silver has support at Rs 89,950-89,220 and resistance at Rs 91,100-91,750.
Jain suggests waiting for some stability in the markets for initiating fresh long positions.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,504/8 grams while pure gold (24 carat) prices stand at Rs 61,328/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 56,728/8 grams while pure gold (24 carat) prices stand at Rs 60,432/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,816/8 grams while pure gold (24 carat) prices stand at Rs 60,552/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,920/8 grams while pure gold (24 carat) prices stand at Rs 60,656/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)