Gold Price Today: Yellow metal surges by Rs 800/10 gms in 2 days; silver rallies by Rs 2,600/kg

After soft US inflation data, Gold February futures contracts at MCX opened flat on Thursday at Rs 78,805 per 10 gram, which is up by 0.12% or Rs 95 while silver March futures contracts were trading at Rs 93,139/kg, up by 0.3% or Rs 283.

Gold prices have risen by Rs 840/ 10 grams in the last 2 days while silver prices fell by Rs 2,600/kg in the same period.

On Wednesday, gold and silver settled on a positive note in the domestic and international markets. Gold February futures contract settled at Rs 78,710 per 10 grams with a gain of 0.71% and silver March futures contract settled at Rs 92,856 per kilogram with a gain of 2.54%.

Gold and silver rallied after softer-than-expected U.S. inflation data. The U.S. core CPI data came up at 0.2% in December month softer than expectations of an increase of 0.3%. The U.S. CPI came up at 2.9% on a yearly basis and data was in line with expectations.

The dollar index and the U.S. 10-year bond yields plunged after U.S. inflation data and supported precious metals, gold and silver prices hit 6-week highs in the international markets.

The dollar index slipped below the 109 mark and U.S. 10-year bond yields also slipped below 4.70% levels and could further support gold and silver prices.Today, the US Dollar Index, DXY, was hovering near the 109.07 mark, tumbling 0.02 or 0.02%.“We expect gold and silver prices to remain positive this week amid profit-taking in the dollar index and soft U.S. inflation data,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.

Ranges for gold and silver by Manoj Kumar Jain:

• At MCX, gold has support at Rs 78,440-78,180 and resistance at Rs 79,000-79,330.
• Silver has support at Rs 92,000-91,450 and resistance at Rs 93,660-94,400.

Jain suggests buying gold on dips around Rs 78,450 with a stop loss of Rs 78,140 for a target of Rs 79,000 and also suggests buying silver around Rs 92,000 with a stop loss of Rs 91,400 for a target of Rs 93,600.

Gold rates in physical markets

Gold Price today in DelhiStandard gold (22-carat) prices in Delhi stand at Rs 58,144/8 grams while pure gold (24-carat) prices stand at Rs 62,032/8 grams.

Gold Price today in Mumbai

Standard gold (22-carat) prices in Mumbai stand at Rs 56,944/8 grams while pure gold (24-carat) prices stand at Rs 60,688/8 grams.

Gold Price today in Chennai

Standard gold (22-carat) prices in Chennai stand at Rs 56,800/8 grams while pure gold (24-carat) prices stand at Rs 60,536/8 grams.

Gold Price today in Hyderabad

Standard gold (22-carat) prices in Hyderabad stand at Rs 56,840/8 grams while pure gold (24-carat) prices stand at Rs 60,592/8 grams.

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