Gold Price Today: Yellow metal extends historic rally, scales new peak at Rs 99,178 per 10 gms
After breaching the Rs 1 lakh mark in the retail market, gold June futures on MCX surged to a fresh all-time high of Rs 99,178 per 10 grams on Tuesday, up nearly Rs 1,900 from the previous close.
Exclusive of the goods & services tax (GST), the price of gold was trading at Rs 97,200 per 10 gm in the physical market on Monday. Including a 3% Goods and Service Tax (GST), gold prices managed to surge above the psychological mark of Rs 1 lakh per 10 gm at the retail level.
Meanwhile, silver May futures contracts also opened higher by 0.33% or Rs 315, at Rs 95,562/kg.
In the previous trading session, gold and silver settled on a positive note in the domestic and international markets. Gold June futures contract settled at Rs 97,279 per 10 grams with a gain of 2.13%, and silver May futures contract settled at Rs 95,247 per kilogram with a gain of 0.22%
Gold and silver showed very high price volatility amid uncertainty in the global markets. The dollar index slipped to 3-year lows after the U.S. President and Fed Chairman’s tussle over interest rate cuts.
Today, the US Dollar Index, DXY, was hovering near the 98.12 mark, falling 0.16 or 0.16%. Instability in the U.S. dollar increased the safe-haven bid for gold. The US-China trade war has also increased safe-haven demand for gold. Silver prices also gained in the early trading session but due to profit taking in the industrial metals prices off day highs.“Uncertainty in the global financial markets and escalating US-China trade war continue to support prices of precious metals. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US-China trade war; gold prices could hold its support level of $3,200 and silver prices could also hold $29.88 per troy ounce levels this week,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 96,600-96,100 and resistance at Rs 97,700-98,400
- Silver has support at Rs 94,650-94,000 and resistance at Rs 96,000-96,650.
Jain suggests avoiding any short selling in gold and any dips towards Rs 94,400 could be a buying opportunity again; and suggests buying silver around Rs 94,800 with a stop loss of Rs 94,220 for the target of Rs 96,000.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,184/8 grams while pure gold (24 carat) prices stand at Rs 60,984/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,496/8 grams while pure gold (24 carat) prices stand at Rs 61,264/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,912/8 grams while pure gold (24 carat) prices stand at Rs 60,632/8 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 60,640/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)