Gold Price Today: Yellow metal witness volatility in uncertain environment, open at Rs 86,046/10gm
Amid the prevailing uncertainty, gold traded in a volatile session on Wednesday, but opened slightly higher today. Gold April futures contracts at MCX opened at Rs 86,046 per 10 grams, which is up by 0.25% or Rs 213.
Silver, however, traded positively, with its March futures contracts on MCX opening higher by 0.36% or Rs 354 at Rs 97,896/kg.
On Wednesday, gold and silver settled on a mixed note in the domestic market, but positively in the international markets. Gold April futures contract settled at Rs85,833 per 10 grams with a loss of 0.22% while silver May futures contract settled at Rs97,542 per kilogram with a gain of 1.34%.
Gold and silver extended its gains amid disappointing US ADP non-farm payroll data and weakness in the dollar index.
The U.S. ADP says that 77,000 jobs were created in February, against expectations of 1,41,000 jobs and also below from the previous month’s job creation of 1,83,000. Less job creation in the private sector supported safe-haven buying for precious metals.
The dollar index slipped to 5-month lows and also supported prices of gold and silver. Today, the US Dollar Index, DXY, was hovering near the 104.31 mark, falling 1.43 or 1.35%.“The U.S. ISM services PMI data released on Wednesday was better than expected and supported silver prices. However, rebound in the US 10-year bond yields and possible Russia-Ukraine peace deal could limit gains,” 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 the US trade war but gold and silver could hold its key support levels of $2,800 and $29.80 per troy ounce respectively in the international markets on a weekly closing basis,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 85,500-85,220 and resistance at Rs 86,080-86,360
- Silver has support at Rs 96,800-96,150 and resistance at Rs 98,100-98,850.
Jain suggests buying silver around Rs 97,000 with a stop loss of Rs 96,350 for a target of Rs 98,400.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,848/8 grams while pure gold (24 carat) prices stand at Rs 61,720/8 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 61,056/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,984/8 grams while pure gold (24 carat) prices stand at Rs 60,696/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,896/8 grams while pure gold (24 carat) prices stand at Rs 60,672/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)