Gold Price Today: Gold prices open at Rs 76,357/10 gm, trades flat in one week. Silver up by Rs 500/kg

Gold December futures contracts at MCX opened flat today at Rs 76,357 per 10 gram, which is up by 0.15% or Rs 113 while silver December futures contracts were trading at Rs 93,130/kg, up by 0.16% or Rs 152.

Over the last one week, gold prices traded flat, increasing merely by Rs 100/gm. Meanwhile silver prices have surged by Rs 470/kg in the same time period.

On Thursday, gold and silver settled on a mixed note in the domestic markets while settling on a positive note in the international markets. Gold December futures contract settled at Rs76,244 per 10 grams with a loss of 0.19% while silver December futures contract settled at Rs92,978 per kilogram with a gain of 1.75%.

Gold and silver gained in the international markets amid Israel’s aggression continues in Lebanon and also keen to retaliate against Iran’s missile attacks. Threats of Israeli attack on Iran’s oil base boost crude oil prices.

WTI crude prices tested $74 a barrel and supported precious metals. Global equity markets were mixed and also supported the safe-haven appeal of precious metals. However, the dollar index and the U.S. 10-year bond yields traded firm ahead of the U.S. job report and limited gains of gold and silver.

Today, the US Dollar Index, DXY, was hovering near the 101.0 mark, falling 0.09 or 0.09%.“Gold and silver are trading fresh breakout levels in the international markets; if gold prices hold above $2,680 per troy ounce and silver prices hold above $32.40 per troy ounce levels could show further strength in the upcoming sessions. We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index, geo-political tensions and ahead of the US job data and it is expected to hold its support level of $2,622 and $31.50 per troy ounce respectively on a weekly closing basis,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.

Ranges for gold and silver by Manoj Kumar Jain:

• At MCX, gold is having support at Rs 76,000-75,770 and resistance at Rs 76,500-76,800
• Silver has support at Rs 92,200-91,450 and resistance at Rs 93,650-94,400.

“We suggest buying gold on dips around 76000 with a stop loss of 75550 for the target of 76800 and also suggest buying silver around 92200 with a stop loss of 91450 for the target of 94000,” Jain added.

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