Gold February futures contracts at MCX opened flat today at Rs 77,249 per 10 gram, which is up by 0.12% or Rs 91 while silver March futures contracts were trading at Rs 90,575/kg, up by 0.02% or Rs 21.
Gold prices went up by Rs 350/ 10 grams in the last one week while silver prices fell by Rs 3,000/kg in the same period.
On Monday, gold and silver settled on a mixed note in the domestic and international markets. Gold February futures contract settled at Rs 77,158 per 10 grams with a loss of 0.21% while silver March futures contract settled at Rs 90,554 per kilogram with a gain of 1.49%.
Gold and silver showed very high volatility and were settled on a mixed note. The U.S. 10-year bond yields crossed 4.60% levels and restrict gains of precious metals. However, profit taking in the dollar index due to rebound in the Euro and Pound Sterling supported precious metal prices.
Gold prices recovered from their lows amid strong buying from global central banks. As per the WGC report, global central banks added 53 metric tonne of gold in November month into their reserves.
Industrial metal prices recovered due to Chinese stimulus hopes and supported silver prices. “We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the U.S. job data. Gold has support at $2634-2622, while resistance at $2664-2680 per troy ounce and silver has support at $30.20-29.88, while resistance is at $30.80-31.10 per troy ounce in today’s session,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Today, the US Dollar Index, DXY, was hovering near the 108.33 mark, gaining 0.07 or 0.07%.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 76,900-76,650 and resistance at Rs 77,500-77,770.
- Silver has support at Rs 89,650-88,800 and resistance at Rs 91,200-92,000.
Jain suggests buying gold on dips around Rs 76,850 with a stop loss of Rs 76,500 for the target of Rs 77,500.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,128/8 grams while pure gold (24 carat) prices stand at Rs 60,840/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 56,768/8 grams while pure gold (24 carat) prices stand at Rs 60,544/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 57,016/8 grams while pure gold (24 carat) prices stand at Rs 60,800/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,776/8 grams while pure gold (24 carat) prices stand at Rs 60,528/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)