Gold Price Today: Yellow metal prices rally Rs 2,550/10 gm this year so far, silver up by Rs 5,000/kg
Gold February futures contracts at MCX opened flat today at Rs 79,303 per 10 gram, which is up by 0.1% or Rs 79 while silver March futures contracts were trading at Rs 92,270/kg, up by 0.19% or Rs 179.
Gold prices have gained Rs 2,550/ 10 grams in this year so far while silver prices have rallied by Rs 5,000/kg in the same period.
On Tuesday, gold and silver settled on a positive note in the domestic and international markets. Gold February futures contract settled at Rs 79,224 per 10 grams with a gain of 0.87% and silver March futures contract settled at Rs 92,091 per kilogram with a gain of 0.71%.
Gold and silver traded sideways to negative amid the biggest market event week of the year. The US Presidential election begins today and results will come out later this week. The US Fed policy meeting is also scheduled this week and the Chinese stimulus meeting is also scheduled this week.
Gold and silver gained amid weakness in the dollar index and the US 10-year bond yields. The dollar index slipped below 108 and supported prices of precious metals.
Today, the US Dollar Index, DXY, was hovering near the 108.11 mark, gaining 0.05 or 0.04%.Uncertainty in the global financial markets due to the Trump administration’s new policies is also supporting safe-haven demand for precious metals. Internationally, gold prices crossed their key resistance level of $2,755 per troy ounce and hit 3 month highs in the international markets.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and Trump administration policy announcements,” 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 79,000-78,770 and resistance at Rs 79,450-79,720.
- Silver has support at Rs 91,450-90,700 and resistance at Rs 92,850-93,660.
Jain suggests buying silver on dips around Rs 91,600 with a stop loss of Rs 91,050 for a target of Rs 92,800.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,304/8 grams while pure gold (24 carat) prices stand at Rs 61,048/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,784/8 grams while pure gold (24 carat) prices stand at Rs 61,600/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,680/8 grams while pure gold (24 carat) prices stand at Rs 60,424/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,864/8 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)