Gold Price Today: Gold prices fall by Rs 6,700/10 g from peak, silver at Rs 95,168/kg
Gold June futures contracts at MCX have witnessed significant profit booking from their higher levels, falling by Rs 6,700/10 grams amid US-China trade negotiation hopes and a rebound in the dollar.
Gold June futures opened 0.35% higher at Rs 92,665 per 10 grams, up Rs 326, while silver July futures rose 0.46% to Rs 95,168 per kg, gaining Rs 439.
On Thursday, gold and silver settled on a weaker note in the domestic and international markets. Gold June futures contract settled at Rs 92,339 per 10 grams with a loss of 2.50%, and silver July futures contract settled at Rs 94,729 per kilogram with a loss of 1.24%.
Gold and silver prices corrected sharply after U.S. President Donald Trump mentioned potential trade deals with India, South Korea, and Japan. He also spoke about ongoing trade negotiations with China.
The dollar index rebound once again after his comments and crossed the 100 mark. The US Dollar Index, DXY, was hovering near the 100.02 mark, falling 0.23 or 0.23% today.
“Gold prices slipped to 2-week lows and silver prices also tested $32 per troy ounce levels. Traders also booked profits in their long positions ahead of the U.S. monthly job reports,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.However, the U.S. GDP contracted in the last quarter, and jobless claims surged once again and giving some room for U.S. Fed rate cuts and could support prices of precious metals at lower levels.“We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and ahead of the U.S. job data; gold prices could hold its support level of $3,200 per troy ounce and silver prices could also hold $31.40 per troy ounce levels on a weekly closing basis,” Jain added.
How to trade gold?
Trading ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold is having support at Rs 91,800-91,150 and resistance at Rs 92,720-93,200
- Silver has support at Rs 94,000-93,350 and resistance at Rs 95,200-96,000.
Jain suggests buying gold around Rs 92,200 with a stop loss of Rs 91,780 for a target of Rs 93,000.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,248/8 grams while pure gold (24 carat) prices stand at Rs 61,864/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,528/8 grams while pure gold (24 carat) prices stand at Rs 61,336/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,928/8 grams while pure gold (24 carat) prices stand at Rs 60,728/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,136/8 grams while pure gold (24 carat) prices stand at Rs 60,960/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)