Gold Price Today: Yellow metal slips Rs 2,224/10 g as India-Pakistan tensions ease, US-China trade hopes rise
Witnessing profit-booking in early trade, Gold June futures contracts at MCX fell sharply by Rs 2,224 or 2.3% at Rs 94,294/ 10 grams amid easing tensions between India and Pakistan. Domestic gold prices also plunged, mirroring international trends, as optimism over a potential resolution to the US-China tariff war gained momentum.
Along with this, silver July futures contracts also opened lower by Rs 621 or 0.64% at Rs 96,108/kg.
Earlier, on Friday, gold and silver settled on a positive note in the domestic and international markets. Gold June futures contract settled at Rs 96,518 per 10 grams with a gain of 0.36% and silver July futures contract settled at Rs 96,729 per kilogram with a gain of 0.22%.
Gold and silver showed very high volatility and rebounded again last week amid the Indo-Pak war and interest rate cuts by the BOE. The Indian Army’s operation Sindoor escalates tensions between India and Pakistan and supports safe-haven buying for precious metals.
“Gold and silver also gained after the Bank of England cuts interest rates by 25 basis points,” noted Manoj Kumar Jain of Prithvifinmart Commodity Research.
“Global growth worries and investment demand are also supporting prices of precious metals. However, the dollar index is trading steady above 100 marks, the U.S. Fed maintains interest rates unchanged, and US-China trade negotiation hopes are limiting gains for precious metals,” he added.Today, the US Dollar Index, DXY, was hovering near the 100.57 mark, gaining 0.23 or 0.23%.Jain also stated that he expects gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions; gold prices could hold their support level of $3,180 per troy ounce and silver prices could also hold $31.40 per troy ounce levels.
How to trade gold and silver?
Manoj Kumar Jain has given the following ranges for gold and silver on MCX:
- Gold has support at Rs 96,100-95,550 and resistance at Rs 97,000-97,450
- Silver has support at Rs 96,000-95,350 and resistance at Rs 97,400-98,200.
Jain suggests buying silver on dips around Rs 95,850 with a stop loss of Rs 95,100 for a target of Rs 97,400.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,320/8 grams while pure gold (24 carat) prices stand at Rs 61,120/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,400/8 grams while pure gold (24 carat) prices stand at Rs 61,152/8 grams.
Also read: Sensex surges 2,300 points, Nifty tops 24,700 after India-Pak ceasefire calms D-Street
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,736/8 grams while pure gold (24 carat) prices stand at Rs 60,536/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,120/8 grams while pure gold (24 carat) prices stand at Rs 60,896/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times