Gold Price Today: Yellow metal sees heavy profit booking, falling Rs 2,000/10 gms from all-time high

Precious metals witnessed heavy profit booking from higher levels. Gold April futures contracts at MCX on Monady opened flat at Rs 87,763, slightly lower by Rs 15 or 0.02%. Silver May futures contracts also opened flat today at Rs 97,860, down by Rs 24 or 0.02%.

Gold prices on MCX have fallen by Rs 2,000/10 g from its all-time high of Rs 89,796 while silver prices have been falling since the last 4 sessions. The same has tumbled by Rs 3,400/kg in the said time period.

On Friday, gold and silver settled on a weaker note in the domestic and international markets. Gold April futures contract settled at Rs 87,778 per 10 grams with a loss of 1.05% and silver May futures contract settled at Rs 97,884 per kilogram with a loss of 1.52%.

Gold and silver showed very heavy profit booking last week amid rebound in the dollar index and ahead of the U.S. President’s reciprocal tariff announcements on 2nd April. Gold prices slipped from life-time highs and silver prices also slipped from 12-year highs in the international markets.

The U.S. economic data released last week were mixed and the U.S. Fed policy outcomes were inline with expectations. The Bank of England holds policy rates unchanged and also limits gains of precious metals.

Today, the US Dollar Index, DXY, was hovering near the 103.93 mark, gaining 0.8 or 0.08%.“However, tensions in the Middle East and global uncertainty due to U.S. trade tariffs are supporting safe-haven demand for precious metals. The Russia-Ukraine peace deal chances also faded after the Ukrainian drone attack on Russia last week and could also support gold and silver prices,” 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 $2,922 and $31.40 per troy ounce levels respectively on a weekly closing basis,” he added.

Ranges for gold and silver by Manoj Kumar Jain:

• At MCX, gold has support at Rs 87,400-87,140 and resistance at Rs 88,000-88,360.
• Silver has support at Rs 97,100-96,400 and resistance at Rs 98,650-99,400.

Jain suggests selling gold on the rise around Rs 88,100 with a stop loss of Rs 88,440 for a target of Rs 87,400.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 58,464/8 grams while pure gold (24 carat) prices stand at Rs 62,328/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 57,000/8 grams while pure gold (24 carat) prices stand at Rs 60,776/8 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 60,728/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 56,992/8 grams while pure gold (24 carat) prices stand at Rs 60,784/8 grams.

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