Gold Price Today: Gold prices witness profit booking, trade lower by Rs 450/10g, silver down by Rs 700/kg

After a positive move in the precious metals, pushed by a cooling inflation, investors chose to book profits as Gold June futures contracts at MCX were trading at Rs 93,195/10 grams, lower by Rs 452 or 0.48. Silver July futures contracts were also trading lower by Rs 704 or 0.73% at Rs 96,063/kg.

On Tuesday, gold and silver settled on a positive note in the domestic and international markets. Gold June futures contract settled at Rs 93,647 per 10 grams with a gain of 0.80%, and silver July futures contract settled at Rs 96,767 per kilogram with a gain of 1.49%.

Gold and silver curtail the previous session’s losses and gains in the international markets after U.S. inflation cools off in April. The U.S. CPI came at 3.2% on an annual basis in April against March’s reading of 3.3% but slightly up from the expectations of 3.1%.

Core CPI remains steady at 2.8% yearly as per expectations.

“Cool-off in the U.S. CPI inflation pushed the dollar index lower from its highs and supported gold and silver prices. Gold and silver prices also recovered after the Indian Prime Minister said on Monday that they have halted the operation Sindoor and not stopped permanently,” noted Manoj Kumar Jain of Prithvifinmart Commodity Research.

The U.S.-China trade negotiations are supporting silver prices as an industrial metal. However, expectations of a ceasefire between Russia and Ukraine could limit gains in gold. “The U.S. 10-year bond yields also gained and could limit gains of gold. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions; gold prices could hold its key support level of $3,140 per troy ounce, and silver prices could also hold $31.40 per troy ounce levels,” he added. The US Dollar Index, DXY, was hovering near the 100.96 mark, falling 0.05 or 0.05% today.

How to trade gold?

Manoj Kumar Jain suggests the following ranges for gold and silver on MCX:

• Gold has support at Rs 93,150-92,660 and resistance at Rs 94,000-94,450
• Silver has support at Rs 96,000-95,350 and resistance at Rs 97,400-98,200.

He suggests avoiding buying in gold and buying silver on dips around Rs 95,800 with a stop loss of Rs 95,100 for a target of Rs 97,200.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 57,240/8 grams while pure gold (24 carat) prices stand at Rs 61,064/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 56,760/8 grams while pure gold (24 carat) prices stand at Rs 60,472/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 56,624/8 grams while pure gold (24 carat) prices stand at Rs 60,408/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 57,160/8 grams while pure gold (24 carat) prices stand at Rs 60,896/8 grams.

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