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Gold Price Today: Yellow metal trades flat in 1 week, silver gains by Rs 1,100/kg

Gold October futures contracts at MCX opened flat on Tuesday at Rs 71,807 per 10 gram, which is down by 0.32% or Rs 232 while silver September futures contracts were trading at Rs 85,410/kg, up by 0.3% or Rs 258.

In the last one week, the prices of gold have traded flat gaining Rs 220/10 gm while silver has gained Rs 1,100 per kilogram.

On Monday, gold and silver settled on a positive note in the domestic market and on a slightly positive note in the international markets. Gold October futures contract settled at Rs 72,039 per 10 grams with a gain of 0.37% and silver December futures contract settled at Rs 88,299 per kilogram with a gain of 0.51%.

Gold and silver showed very high price volatility and slipped from their highs amid better than expected U.S. durable goods orders data. The dollar index also recovered from 13-month lows amid escalating tensions in the Russia-Ukraine and also limits gains of precious metals.

However, The Fed Chairman’s comment on the interest rates in the annual Jackson Hole Symposium last week supported gold and silver prices. Gold hit fresh life highs on Monday and silver prices also crossed $30 per troy ounce levels.Today, the US Dollar Index, DXY, was hovering near the 103.22 mark, falling 1.20 or 0.15%.“Hedge funds are also bullish on precious metals and increased their long positions as per the latest CFTC data. ETF buying is also increasing in gold and silver after Fed rate cut possibilities and supporting prices. We expect gold and silver prices to remain volatile in this week amid volatility in the dollar index and the U.S. core PCE price index data but it could hold its key support level of $2,464 per troy ounce and $28.50 per troy ounce respectively on a weekly closing basis,” said Manoj Kumar Jain of Prithvi Finmart Commodity ResearchRanges for gold and silver by Manoj Kumar Jain:

  • At MCX, gold is having support at 71,820-71,550 and resistance at 72,300-72,580.
  • Silver has support at 87,650-87,100 and resistance at 88,950-89,600.

“We suggest buying silver on dips around 87,700 with a stop loss of 87,100 for the target of 89,100,” 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)