Gold Price Today: Yellow metal rises by Rs 1,300/10 gm in 2 days amid global trade war uncertainties
Gold April futures contracts at MCX were trading higher today at Rs 85,513/10 gram around 10:30 am, which was down by 0.15% or Rs 129, having surged by Rs 1,300/10 gm in the last 2 trading sessions amid safe haven buying due to global trade war concerns.
Silver, on the other hand, surged by Rs 1,650/kg in the same time period. Around 10:30 am today, silver March futures contracts at MCX were trading at Rs 94,484/kg, down by 0.05% or Rs 49.
On Monday, gold and silver settled on a positive note in the domestic and international markets. Gold April futures contract settled at Rs 85,384 per 10 grams with a gain of 1.38% and silver May futures contract settled at Rs 96,055 per kilogram with a gain of 1.83%.
“Gold and silver posted solid gains in the international markets on Monday amid safe-haven demand after a tense meeting between the US President Trump and Ukrainian President Zelenskiy over the weekend and increased global uncertainty,” said Manoj Kumar Jain of Prithvi Finmart Commodity Research.
The dollar index also fell around 1.0% and supported gold and silver prices. Today, the US Dollar Index, DXY, was hovering near the 106.58 mark, falling 0.17 or 0.15%.
“The US trade tariffs on Canada, Mexico and China came into effect from Tuesday and also escalate global trade war and support safe-haven appeal for precious metals,” Jain added.However, Indian and Chinese physical demand is decreased due to higher prices and could limit gains of precious metals. The market will also eye the US President’s speech before the house and will be directional for the metal markets.Jain expects gold and silver prices to remain volatile this week amid volatility in the dollar index and the US trade war.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 85,040-84,770 and resistance at Rs 85,820-86,100
- Silver has support at Rs 95,350-94,700 and resistance at Rs 96,800-97,400.
Jain suggests selling silver around Rs 96,400 with a stop loss of Rs 96,950 for a target of Rs 95,400.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,408/8 grams while pure gold (24 carat) prices stand at Rs 61,240/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,248/8 grams while pure gold (24 carat) prices stand at Rs 61,008/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,656/8 grams while pure gold (24 carat) prices stand at Rs 60,416/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,112/8 grams while pure gold (24 carat) prices stand at Rs 60,824/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)