Gold traded flat on Monday, February 3, after rising to an all-time high in the previous session, as the US dollar strengthened on mounting fears of a global trade war following US President Donald Trump’s sweeping tariff measures.
As of 11:19 am, April gold futures were trading at Rs 82,300 per 10 grams on the MCX, down by Rs 4 from the previous session’s closing price. Meanwhile, March silver futures were at Rs 92,795 per kg, falling by Rs 378.
Meanwhile, Spot gold fell 0.9% to $2,776.05 per ounce by 0303 GMT after prices hit a record peak at $2,817.23 on Friday. US gold futures were 0.9% lower at $2,810.80.
The U.S. dollar index hovered near a three-week peak, making greenback-priced gold more expensive for foreign buyers.
Trump on Saturday levied 25% tariffs on imports from Canada and Mexico and 10% on goods from China starting on Tuesday. White House officials said there would be no exclusions from the tariffs.
Canada and Mexico ordered retaliatory measures, while China said it would challenge tariffs at the World Trade Organization and take unspecified countermeasures.”Gold has support at $2774-2760 while resistance is at $2817-2832. Silver has support at $31.15-30.95 and resistance is at $31.65-31.80. In rupee terms, gold has support at Rs 81,980-81,710, while resistance is at Rs 82,070-82,350. Silver has support at Rs 92,710-92,050 while resistance is at Rs 93,980-94,570,” said Rahul Kalantri, VP Commodities, Mehta Equities.Spot silver dropped 1.4% to $30.87 per ounce, platinum fell 1.9% to $958.72, and palladium declined 1.7% to $991.50.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,104/8 grams while pure gold (24 carat) prices stand at Rs 60,904/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,744/8 grams while pure gold (24 carat) prices stand at Rs 61,520/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,944/8 grams while pure gold (24 carat) prices stand at Rs 60,656/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,936/8 grams while pure gold (24 carat) prices stand at Rs 60,736/8 grams.
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