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Gold Price Today: Yellow metal prices fall by Rs 1,000/10 gm in November so far, silver down by Rs 2,500/kg

Gold December futures contracts at MCX opened flat on Friday at Rs 77,375 per 10 gram, which is down by 0.05% or Rs 36 while silver December futures contracts were trading at Rs 92,089/kg, down by 0.24% or Rs 224.

Gold prices fell by Rs 1,055/ 10 grams in the month of November so far while silver prices fell by Rs 2,500/kg in the same period.

On Thursday, gold and silver settled positively in the domestic and international markets. Gold December futures contract settled at Rs77,411 per 10 grams with a gain of 0.99% and silver December futures contract settled at Rs92,313 per kilogram with a gain of 1.64%.

Gold and silver prices recovered from 1-month lows after Fed and BOE rate cuts. The U.S. Fed cuts interest rates by 25 basis points and the Bank of England also cuts its interest rates by 25 basis points and supported bullion prices.

The dollar index and the U.S. 10-year bond yields slipped from 4-month highs after Fed monetary policy meeting outcomes and supported gold and silver prices.

Today, the US Dollar Index, DXY, was hovering near the 104.48 mark, gaining 0.02 or 0.02%.The Fed Chairman said in his statement that there will not be any immediate impact on the economic policies due to Donald Trump’s victory and the Fed will continue to watch inflation and employment data for further monetary easing.“We expect gold and silver prices to remain volatile in today’s session ahead of the U.S. consumer sentiment data and could hold its key support levels 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 has support at Rs 77,100-76,650 and resistance at Rs 77,770-78,150.
  • Silver has support at Rs 91,650-90,800 and resistance at Rs 93,200-94,000.

Jain suggests buying silver around Rs 92,000 with a stop loss of Rs 91,450 for the target of Rs 93,500.

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