Gold Price Today: Gold prices shine at new all-time high, open at Rs 94,573/10 gm

Gold June futures on MCX surged to new heights in early trade today, opening with a spectacular jump of Rs 1,122 (over 1%) to hit a new all-time high of Rs 94,573 per 10 grams, underscoring the intensifying rush towards the safe-haven metal amid global economic uncertainties.

Meanwhile, silver May futures contracts opened flat at Rs 94,794/kg, up by merely Rs 20 or 0.02%.

On Tuesday, gold and silver settled on a mixed note in the domestic market, but on a positive note in the international markets. Gold June futures contract settled at Rs 93,451 per 10 grams with a gain of 0.21% and silver May futures contract settled at Rs 94,774 per kilogram with a loss of 0.10%.

Gold and silver traded steadily and gained in the international markets amid global uncertainty and weakness in the dollar index. The Chinese government said to stop buying Boeing aircraft from the U.S. and also stopped to buy spare parts of aircraft.

After this news precious metals reacted positively once again.

“Fear of selling U.S. treasury by China is also giving fuel to precious metals,” noted Manoj Kumar Jain of Prithvifinmart Commodity Research.The dollar index is trading nearly 2-year lows and the U.S. economic data released last week was also mixed and supported prices of gold and silver. Today, the US Dollar Index, DXY, was hovering near the 99.80 mark, falling 0.42 or 0.42%.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US-China trade war; gold prices could hold their support level of $3,072 and silver prices could also hold $29.88 per troy ounce levels this week,” Jain added.

Ranges for gold and silver by Manoj Kumar Jain:

• At MCX, gold has support at Rs 93,000-92,660 and resistance at Rs 93,950-94,500.
• Silver has support at Rs 94,000-93,350 and resistance at Rs 95,500-96,650.

Jain suggests buying gold above Rs 93,600 with a stop loss of Rs 93,300 for a target of Rs 94,200 and also buying silver around Rs 94,400 with a stop loss of Rs 93,750 for a target of Rs 95,800.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 57,488/8 grams while pure gold (24 carat) prices stand at Rs 61,248/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 56,792/8 grams while pure gold (24 carat) prices stand at Rs 60,520/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 56,720/8 grams while pure gold (24 carat) prices stand at Rs 60,512/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 57,200/8 grams while pure gold (24 carat) prices stand at Rs 60,928/8 grams.

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