Gold April futures contracts at MCX opened higher today at Rs 86,116 per 10 gram, which is up by 0.36% or Rs 306 while silver March futures contracts were trading at Rs 96,270/kg, up by 1.09% or Rs 1,037.
Gold prices have surged by a staggering Rs 3,900/10 grams in this month so far while silver prices have surged by Rs 2,900/kg in the same period.
On Thursday, gold and silver settled on a mixed note in the domestic and international markets. Gold April futures contract settled at Rs 85,809 per 10 grams with a gain of 0.38% while silver March futures contract settled at Rs 95,233 per kilogram with a loss of 0.28%.
Gold and silver prices showed very high price volatility and were settled on a mixed note and discounts, another hotter than expected US inflation report. The US PPI surged 0.4% in January month against expectations of 0.3% and core PPI also came up at 0.3% in January against December month reading of 0.0%.
Strong safe-haven demand due to trade tariff fears is supporting gold prices. The dollar index and the US 10-year bond yields retreated from their highs and also supported precious metal prices.
Today, the US Dollar Index, DXY, was hovering near the 107.12 mark, falling 0.19 or 0.18%.“However, decline in the jobless claims and uncertainty on interest rate cuts could limit gains,” said Manoj Kumar Jain of Prithvi finmart Commodity Research.“We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and the US trade war,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 85,450-85,100 and resistance at Rs 86,325-86,650
- Silver has support at Rs 94,400-93,800 and resistance at Rs 95,850-96,600.
Jain suggests buying silver around Rs 94,800 with a stop loss of Rs 94,200 for a target of Rs 96,000.
Gold rates in physical markets:
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,520/8 grams while pure gold (24 carat) prices stand at Rs 62,376/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 58,032/8 grams while pure gold (24 carat) prices stand at Rs 61,856/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 57,024/8 grams while pure gold (24 carat) prices stand at Rs 60,776/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,152/8 grams while pure gold (24 carat) prices stand at Rs 60,968/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)