After making a new all-time high of Rs 84,894/10 gram, Gold April futures contracts at MCX opened marginally lower on Thursday at Rs 84,512/10 gram, which is down by 0.07% or Rs 55 while silver March futures contracts were trading at Rs 95,549/kg, down by 0.43% or Rs 416.
In this week so far, the prices of gold have ended higher each day, gaining Rs 2,200/10g so far in the said period. Meanwhile, silver prices were also up by nearly Rs 2,300/kg.
On Wednesday, gold and silver settled on a positive note in the domestic and international markets. Gold April futures contract settled at Rs 84,567/10 grams with a gain of 0.92% and silver March futures contract settled at Rs 95,965/kilogram with a gain of 0.27%.
Gold and silver showed very high price volatility and gold prices hit $2,900 per troy ounce levels in the international markets for the first time. Gold prices also hit record highs in the domestic markets amid weakness in the rupee and profit taking in the dollar index.
The dollar index slipped below 108 marks and supported gold and silver prices. Today, the US Dollar Index, DXY, was hovering near the 107.68 mark, gaining 0.10 or 0.09%.
“However, an increase in the ADP non-farm employment to 1,83,000 against expected employment of 1,48,000 limits gains of precious metals. Silver prices slipped from their highs after upbeat US ADP non-farm payroll data but safe-haven buying is supporting precious metal prices,” said Manoj Kumar Jain of Prithvi Finmart Commodity Research.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US trade war and ahead of the Bank of England policy meetings,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 84,140-83,800 and resistance at Rs 84,900-85,250.
- Silver has support at Rs 95,200-94,400 and resistance at Rs 96,650-97,400.
Jain suggests buying silver around Rs 95,500 with a stop loss of Rs 94,750 for a target of Rs 96,800.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,984/8 grams while pure gold (24 carat) prices stand at Rs 61,840/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 56,872/8 grams while pure gold (24 carat) prices stand at Rs 60,624/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,952/8 grams while pure gold (24 carat) prices stand at Rs 60,720/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,160/8 grams while pure gold (24 carat) prices stand at Rs 60,960/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)