Gold Price Today: Yellow metal prices fall by Rs 3,800/10 gm in 2 days after Trump’s commentary on China, Fed Chairman
After US President Donald Trump’s statement about China and the Fed Chairman, the prices of gold retraced from higher levels, significantly dropping by Rs 3,800 in just 2 days. However, after closing lower on Wednesday, the gold June futures contract at MCX on Thursday opened at Rs 96,188/10 grams, higher by Rs 1,466 or 1.5%.
Meanwhile, silver May futures contracts opened lower at Rs 97,75/kg, down by Rs 124 or 0.13%.
On Wednesday, gold and silver settled on a mixed note in the domestic and international markets. Gold June futures contract settled at Rs 94,722 per 10 grams with a loss of 2.69% while silver May futures contract settled at Rs 97,799 per kilogram with a gain of 2%.
Gold and silver showed very high volatility. Easing risk sentiments triggered profit taking in gold, and prices showed the biggest single-day fall in the last five years. Gold also plunged amid a rebound in the dollar index and the US equity markets.
Today, the US Dollar Index, DXY, was hovering near the 99.69 mark, falling 0.15 or 0.15%.
However, silver showed solid strength amid upbeat US new home sales data and better-than-expected flash manufacturing PMI data.“Gold prices slipped below $3,300 per troy ounce levels but there is no change in the long-term fundamentals,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Global central banks buying, along with a robust increase in ETF inflows, could support gold prices at lower levels.
“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 its support level of $3,200 and silver prices could also hold $29.88 per troy ounce levels,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 94,000-93,350 and resistance at Rs 95,400-96,100
- Silver has support at Rs 96,950-96,200 and resistance at Rs 98,500-99,400.
Jain suggests buying silver around Rs 97,400 with a stop loss of Rs 96,600 for a target of Rs 99,000.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,080/8 grams while pure gold (24 carat) prices stand at Rs 60,896/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,632/8 grams while pure gold (24 carat) prices stand at Rs 61,400/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,944/8 grams while pure gold (24 carat) prices stand at Rs 60,6488 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,216/8 grams while pure gold (24 carat) prices stand at Rs 61,008/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)