Gold February futures contracts at MCX opened slightly higher on Thursday at Rs 76,589/10 gram, which is up by 0.42% or Rs 319 while silver March futures contracts were trading flat at Rs 89,570/kg, up by 0.27% or Rs 244.
Gold prices remained flat this week so far, gaining merely Rs 169/10 grams, while the price of silver went up by Rs 1,200/kg during the same period.
On Tuesday, gold and silver settled on a slightly positive note in the domestic and international markets. Gold February futures contract settled at Rs 76,270 per 10 grams with a gain of 0.17% and silver March futures contract settled at Rs 89,326 per kilogram with a gain of 0.23%.
Gold and silver were traded steady on Tuesday amid strength in the dollar index and the US bond yields. The dollar index is trading near 2-year highs and limiting gains of the precious metals.
Today, the US Dollar Index, DXY, was hovering near the 108.15 mark, falling 0.11 or 0.10%.
The US 10-year bond yields are also sustaining above 4.50% levels and also restricting gains of gold and silver. However, escalating tensions between Russia-Ukraine and weakness in the global equity markets are supporting safe-haven demand for precious metals.“Gold and silver are trading near its make or break level of $2,588 per troy and $29.88 per troy ounce and if these levels are held on a weekly closing basis than smart recovery is expected in both precious metals,” said Manoj Kumar Jain of Prithvi finmart Commodity Research.Weakness in the rupee is supporting gold and silver prices in the domestic markets and the rupee is expected to remain weak in the near term and continue to support prices of precious metals in the domestic markets.
“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geo-political tensions,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 76,040-75,770 and resistance at Rs 76,500-76,800.
- Silver has support at Rs 88,650-88,000 and resistance at Rs 90,200-90,850.
Jain suggests buying gold around Rs 76,100 with a stop loss of Rs 75,800 for a target of Rs 76,700 and also suggests buying silver around Rs 88,800 with a stop loss of Rs 88,150 for a target of Rs 90,200.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,712/8 grams while pure gold (24 carat) prices stand at Rs 61,560/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,688/8 grams while pure gold (24 carat) prices stand at Rs 61,552/8 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 60,624/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,016/8 grams while pure gold (24 carat) prices stand at Rs 60,832/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)