Gold Price Today: Gold prices fall by Rs 4,000/10 gm in November, silver down by Rs 5,600/kg
Gold December futures contracts at MCX were trading nearly 1% or Rs 74,650 higher at Rs 74,650 per 10 grams around 10 am, while the silver December futures contracts were trading at Rs 89,270/kg, up by nearly 1% or Rs 849.
In the month of November so far, the prices of gold have fallen by Rs 4,000/10 grams while silver prices have fallen by Rs 5,630/kg in the same time period.
In the previous trading session, gold and silver settled on a weak note in the domestic and international markets. Gold December futures contract settled at Rs73,946 per 10 grams with a loss of 0.28% and silver December futures contract settled at Rs88,421 per kilogram with a loss of 0.58%.
Gold and silver extended its fall and hit 2-month lows in the international markets. Prices sharply decline amid solid strength in Bitcoin and the U.S. dollar. The dollar index hit one year highs and the U.S. 10-year bond yields are sustaining above 4.5-month highs after the thumping victory of Donald Trump in the U.S. Presidential elections.
Today, the US Dollar Index, DXY, was hovering near the 106.70 mark, gaining 0.02 or 0.02%.
The major global currencies are also struggling against the U.S. dollar. Global equity markets plunged and heavy sell-off was observed in the emerging markets after Trump’s win and eases safe-haven demand for precious metals. However, the U.S. economic data released last week were mixed and supported precious metal prices at lower levels.“We expect gold and silver prices to remain to remain weak amid strength in the dollar index, U.S. bond yields and crypto rally and could face steep resistance around $2,614 and $31.80 per troy ounce levels respectively 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 73,720-73,440 and resistance at Rs 74,220-74,480.
- Silver has support at Rs 87,750-87,000 and resistance at Rs 89,100-90,000.
Jain suggests staying away from gold and silver in today’s session amid strong gains in the dollar index; wait for some stability in the markets for initiating fresh positions in gold and silver.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,984/8 grams while pure gold (24 carat) prices stand at Rs 61,848/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 58,024/8 grams while pure gold (24 carat) prices stand at Rs 61,832/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,808/8 grams while pure gold (24 carat) prices stand at Rs 60,608/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,968/8 grams while pure gold (24 carat) prices stand at Rs 60,760/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)