Gold Price Today: Yellow metal prices remain flat this week so far, open at Rs 87,914/10 gm
Gold April futures contracts at MCX opened higher by Rs 276 or 0.31% at Rs 87,914/10 grams on Thursday. Meanwhile, the silver May futures contracts also opened higher today, rising by 0.22% or Rs 217 at Rs 99,703/kg.
Amid volatility, the prices of gold have remained flat this week, surging by just Rs 136/10 grams.
On Wednesday, gold and silver settled on a mixed note in the international markets while settling on a slightly positive note in the domestic markets. Gold April futures contract settled at Rs 88,706 per 10 grams with a gain of 0.12% and silver May futures contract settled at Rs 99,392 per kilogram with a loss of 0.53%.
Gold and silver showed very high price volatility and were settled on a mixed note. The dollar index gained and crossed 104 marks once again and the US 10-year bond yields also crossed 4.33% levels and triggered profit taking in both precious metals.
Today, the US Dollar Index, DXY, was hovering near the 104.37 mark, falling 0.18 or 0.17%.
“However, the US equity markets plunged amid US trade tariff fears and supported safe-haven buying for precious metals. Tensions in the middle-east and uncertainty in the global financial markets due to US trade tariffs could continue to support prices of gold and silver,” said Manoj Kumar Jain of Prithvi Finmart Commodity Research.The US durable goods orders rose 0.9% in February month against analyst’s expectations of 1.1% decline. The US core durable goods orders also rose for February month and came up at 0.7% against expected increase of 0.2%. “Upbeat U.S. data supported prices of gold and silver. 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,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 87,400-87,180 and resistance at Rs 87,850-88,100
- Silver has support at Rs 98,800-98,220 and resistance at Rs 1,00,200-1,01,000.
Jain suggests buying silver around Rs 98,800 with a stop loss of Rs 98,220 for a target of Rs 1,00,200.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,640/8 grams while pure gold (24 carat) prices stand at Rs 61,424/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,088/8 grams while pure gold (24 carat) prices stand at Rs 60,832/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,800/8 grams while pure gold (24 carat) prices stand at Rs 60,520/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,888/8 grams while pure gold (24 carat) prices stand at Rs 60,680/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)