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Gold Price Today: Yellow metal up Rs 1,500/10 gm in 5 days, silver gains Rs 4,700/kg

Gold October futures contracts at MCX opened flat on Thursday at Rs 71,674 per 10 gram, which was down by 0.22% or Rs 156 while silver September futures contracts were trading at Rs 84,806/kg, down by 0.07% or Rs 57.

In the last 5 days, the prices of gold have gained Rs 1,500/10 gm while silver has gained Rs 4,745 per kilogram.

Due to weakness in the rupee, domestic markets settled on a slightly positive note on Wednesday. However, the precious metals settled on a mixed note in the international markets. Gold October futures contract settled at Rs 71,830 per 10 grams with a gain of 0.07% and silver September futures contract settled at Rs 84,863 per kilogram with a gain of 0.16%.

Gold and silver traded steady and were settled on a mixed note as the majority of the Fed members agreed to cut interest rates in the next policy meetings. The FOMC meeting minutes said that the recent progress on inflation and surge in unemployment is providing room for 25 basis point rate cuts in the next policy meetings.

Market sentiments are already showing a 100% chance of 25 basis points cut in the next policy meetings. The dollar index is trading at 7-1/2 month lows and supporting precious metal prices.“After the FOMC meeting minute’s gold and silver prices off day’s low and maintain bullish momentum of precious metals. We expect gold and silver prices to remain volatile in this week amid volatility in the dollar index and the U.S. Fed Chairman’s speech in the annual Jackson Hole Symposium but it could hold its key support level of $2,464 per troy ounce and $27.80 per troy ounce respectively on a weekly closing basis,” said Manoj Kumar Jain of Prithvi Finmart Commodity Research.Today, the US Dollar Index, DXY, was hovering near the 101.22 mark, falling 0.18 or 0.18%.Ranges for gold and silver by Manoj Kumar Jain:

  • At MCX, gold is having support at 71,600-71,330 and resistance at 72,040-72,270
  • Silver has support at 84,200-83,550 and resistance at 85,500-86,150.

“We suggest buying gold on dips around 71,600 with a stop loss of 71,330 for the target of 72,100 and also suggest buying silver around 84,100 with a stop loss of 83,450 for the target of 85,500,” Jain added.

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