Gold Price Today: Yellow metal opens flat at Rs 87,534/10 gms amid volatility, silver near Rs 1 lakh/kg mark

Displaying a highly volatile trend, gold April futures contracts at MCX on Wednesday opened flat with a negative bias, down by Rs 20 or 0.02% at Rs 87,534/10 grams, while the silver May futures opened higher by Rs 220 or 0.22% at Rs 99,373/kg.

On Tuesday, gold and silver settled on a positive note in the domestic and international markets. Gold April futures contract settled at Rs 87,554 per 10 grams with a gain of 0.32%, and silver May futures contract settled at Rs 99,153 per kilogram with a gain of 1.70%.

Gold and silver prices gained amid safe-haven buying after disappointing U.S. consumer confidence data. Unstable U.S. trade and foreign policies are the major reason for the decline of consumer confidence in the fourth consecutive month.

The U.S. consumer confidence index in March month dropped to 92.9 against February month’s revised reading of 100.0 and economist were expecting a reading of 94.2. Pessimism about future business conditions and confidence about future job prospects are also falling to 12-year lows and supporting safe-haven bid for precious metals.

Today, the US Dollar Index, DXY, was hovering near the 104.28 mark, gaining 0.76 or 0.07%.

“Gold and silver prices also gained due to tensions in the Middle East and fading chances of a Russia-Ukraine peace deal. However, the U.S. 10-year bond yields fetching above 4.30% levels and could limit gains of 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 $2,950 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 87,300-87,040 and resistance at Rs 87,850-88,100
• Silver has support at Rs 98,400-97,700 and resistance at Rs 1,00,000-1,01,200.

Jain suggests buying silver around Rs 98,500 with a stop loss of Rs 97,650 for a target of Rs 1,00,000.

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 61,040/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 57,120/8 grams while pure gold (24 carat) prices stand at Rs 60,952/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 56,840/8 grams while pure gold (24 carat) prices stand at Rs 60,560/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 56,928/8 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)