Gold Price Today: Yellow metal prices surge by Rs 850/10 gm in a week, silver up by Rs 1,300/kg
Gold February futures contracts at MCX opened flat on Monday at Rs 78,375 per 10 gram, which is down by 0.06% or Rs 48 while silver March futures contracts were trading at Rs 92,195/kg, down by 0.34% or Rs 311.
However, gold prices have rallied by Rs 850/10 grams in the last one week while silver prices have risen by Rs 1,300/kg in the same period.
On Friday, gold and silver settled on a positive note in the domestic and international markets. Gold February futures contract settled at Rs 78,423/10 grams with a gain of 0.41% and silver March futures contract settled at Rs 92,506/kilogram with a gain of 0.87%.
Gold and silver gained last week and hit 4-week highs despite strength in the dollar index and the U.S. 10-year bond yields. The dollar index surged to its highest levels since November 2022 and crossed the 109 mark while the US 10-year bond yields also crossed the 4.75% mark after better-than-expected US job data and weakness in the global equity markets.
Gold and silver are catching safe-haven demand due to panic selling in the global equity markets due to strong dollar and US bond yields. The University of Michigan’s higher inflation expectations also increased worries about stagflation in the US and supported safe-haven buying for precious metals.
“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the US inflation data,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Today, the US Dollar Index, DXY, was hovering near the 109.78 mark, gaining 0.13 or 0.12%.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 78,200-77,920 and resistance at Rs 78,700-79,000.
- Silver has support at Rs 91,700-91,150 and resistance at Rs 93,200-94,000.
Jain suggests buying gold around Rs 78,100 with a stop loss of Rs 77,770 for a target of Rs 78,800 and also suggests buying silver around Rs 91,850 with a stop loss of Rs 91,100 for a target of Rs 93,700.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,888/8 grams while pure gold (24 carat) prices stand at Rs 61,664/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,552/8 grams while pure gold (24 carat) prices stand at Rs 61,384/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 57,048/8 grams while pure gold (24 carat) prices stand at Rs 60,784/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,032/8 grams while pure gold (24 carat) prices stand at Rs 60,840/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)