Gold April futures contracts at MCX traded higher by 0.5% on Monday at Rs 85,077 per 10 grams, up by Rs 390. The same had settled lower on Friday amid some volatility.
Meanwhile, silver March futures contracts were trading at Rs 95,665/kg, up by 0.08% or Rs 79.
On Friday, gold and silver settled on a mixed note in the domestic and international markets. Gold April futures contract settled at Rs 84,686 per 10 grams with a loss of 1.31% while the silver March futures contract settled at Rs95,586 per kilogram with a gain of 0.37%.
Gold and silver showed very high price volatility amid technical profit-taking and delays in the U.S. trade tariffs. The U.S. President said to levy reciprocal import tariffs on countries they are exporting to the U.S. but delayed its execution date to 1st April.
Gold and silver prices also fell after mixed U.S. economic data faded chances of further interest rate cuts. However, weakness in the dollar index and the U.S. bond yields supported prices of precious metals.
Today, the US Dollar Index, DXY, was hovering near the 106.65 mark, falling 0.06 or 0.06%.Meanwhile, silver prices gained amid strength in the industrial metals and hopes for a bailout of Chinese real estate companies. “We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US trade war,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 84,220-83,650 and resistance at Rs 85,100-85,550.
- Silver has support at Rs 94,750-94,000 and resistance at Rs 96,400-97,200.
Jain suggests buying silver around Rs 94,800 with a stop loss of Rs 94,000 for a target of Rs 96,600.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,488/8 grams while pure gold (24 carat) prices stand at Rs 61,256/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,200/8 grams while pure gold (24 carat) prices stand at Rs 61,040/8 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 60,720/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,984/8 grams while pure gold (24 carat) prices stand at Rs 60,736/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)