Gold Price Today: Yellow metal prices rally by Rs 850/10 gm this week, silver prices trade flat amid volatility

Gold February futures contracts at MCX opened slightly higher on Friday at Rs 79,880 per 10 gram, which is up by 0.32% or Rs 254 while silver March futures contracts were trading at Rs 91,790/kg, up by 0.7% or Rs 641.

While gold prices have rallied by Rs 850/10 gram in this week, silver prices have largely remained unchanged.

Gold prices edged higher and were on track for a fourth straight weekly gain, as uncertainty about US President Donald Trump’s trade plans took wind out of the dollar’s sail, boosting demand for the safe-haven asset.

On Thursday, due to a weakness in the rupee, gold and silver settled on a mixed note in the domestic markets and on a weaker note in the international markets. Gold February futures contract settled at Rs 79,626 per 10 grams with a gain of 0.08% while silver March futures contract settled at Rs 91,149 per kilogram with a loss of 0.86%.

The dollar was lower on Thursday in a choppy session, after comments from Trump called for an immediate drop in interest rates while providing no clarity on tariffs, while investors awaited a round of policy announcements from global central banks.

“Gold and silver prices plunged in the international markets amid routine profit booking due to uptick in the US 10-year bond yields and Bank of Japan rate hike fears,” said Manoj Kumar Jain of Prithvi Finmart Commodity Research.The US 10-year bond yields jumped again amid uncertainty in the global markets and crossed 4.60% levels. The Bank of Japan increased the interest rates on Friday, which may trigger profit booking in the precious metal markets.Today, the US Dollar Index, DXY, was hovering near the 107.90 mark, falling 0.14 or 0.15%.

However, a surge in the US jobless claims and weakness in the dollar index has supported gold prices at lower levels, Jain added.

“We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and volatility in the global bond markets and Bank of Japan policy meetings,” Jain added.

Ranges for gold and silver by Manoj Kumar Jain:

• At MCX, gold has support at Rs 79,330-79,080 and resistance at Rs 79,850-80,080.
• Silver has support at Rs 90,450-89,700 and resistance at Rs 92,000-92,650.

Jain suggests buying gold around Rs 79,350 with a stop loss of Rs 79,100 for a target of Rs 79,850.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 57,752/8 grams while pure gold (24 carat) prices stand at Rs 61,552/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 58,008/8 grams while pure gold (24 carat) prices stand at Rs 61,824/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 56,872/8 grams while pure gold (24 carat) prices stand at Rs 60,640/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 56,848/8 grams while pure gold (24 carat) prices stand at Rs 60,600/8 grams.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)