Gold Price Today: Yellow metal prices jump up Rs 400/10 gm this week while silver prices remain flat
Gold February futures contracts at MCX opened flat with a slightly negative bias on Thursday at Rs 79,464 per 10 gram, which is down by 0.13% or Rs 100 while silver March futures contracts were trading at Rs 91,472/kg, down by 0.51% or Rs 472.
Gold prices are up by Rs 450/ 10 grams in this week so far while silver prices have remained flat in the same time period, gaining merely Rs 130/kg.
On Wednesday, gold and silver settled on a mixed note in the domestic and international markets. Gold February futures contract settled at Rs 79,564 per 10 grams with a gain of 0.43% while silver March futures contract settled at Rs 91,944 per kilogram with a loss of 0.16%.
Gold and silver showed very high volatility and were settled on a mixed note amid uncertainty in the global financial markets due to Trump tariff fears. The Asian equity markets were down after Trump said to impose a 10% tariff on Chinese imports from February 1.
“On the other side, U.K. and European markets hit record highs as they are not in the list of Trump’s tariff plan. Gold is catching safe-haven demand due to uncertainty and inching closer to record highs,” said Manoj Kumar Jain of Prithvi finmart Commodity Research.
Silver, meanwhile, is facing some resistance amid weakness in the industrial metals.Today, the US Dollar Index, DXY, was hovering near the 108.28 mark, gaining 0.12 or 0.11%.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and Trump’s tariff plan and Bank of Japan policy meetings,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 79,300-79,080 and resistance at Rs 79,800-80,000.
- Silver has support at Rs 91,220-90,700 and resistance at Rs 92,600-93,300.
Jain suggests buying gold on dips around Rs 79,250 with a stop loss of Rs 79,000 for a target of Rs 79,800.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,968/8 grams while pure gold (24 carat) prices stand at Rs 61,800/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,272/8 grams while pure gold (24 carat) prices stand at Rs 61,096/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,840/8 grams while pure gold (24 carat) prices stand at Rs 60,600/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,144/8 grams while pure gold (24 carat) prices stand at Rs 60,968/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)