Amid volatile trading sessions, Gold April futures contracts at MCX opened today at Rs 85,395 per 10 grams, up by 0.4% or Rs 340, largely remaining flat in the last one week, with a gain of Rs 128/10 grams.
Silver March futures contracts opened higher on MCX by 0.31% or Rs 300 at Rs 95,880/kg. The same has surged by Rs 1,300/kg in the last one week.
On Monday, gold and silver settled on a mixed note in the domestic market, while settling on a slightly positive note in the international markets. Gold April futures contract settled at Rs 85,055 per 10 grams with a gain of 0.43% while silver March futures contract settled at Rs95,580 per kilogram with a loss of 0.01%.
Gold and silver were traded in a tight range on Monday in the international markets amid a holiday in the U.S. markets and ahead of the FOMC meeting minutes. The prices recovered from their lows amid weakness in the dollar index. The dollar index is trading at 9-week lows and supporting gold and silver prices.
Today, the US Dollar Index, DXY, was hovering near the 1063.90 mark, gaining 0.33 or 0.31%.
“Gold and silver prices also recovered amid downbeat U.S. economic data released last week and recovery in the Euro. Geo-political tensions due to U.S. trade tariffs are also supporting safe-haven demand for precious metals. However, talks of ending the Russia-Ukraine war could ease risk premiums of precious metals and could limit gains,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, the US trade war and ahead of the FOMC meeting minutes,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 84,650-84,380 and resistance at Rs 85,440-85,820.
- Silver has support at Rs 94,800-94,000 and resistance at Rs 96,350-97,100.
Jain suggests buying silver around Rs 95,000 with a stop loss of Rs 94,200 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 58,088/8 grams while pure gold (24 carat) prices stand at Rs 61,952/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,936/8 grams while pure gold (24 carat) prices stand at Rs 61,816/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,600/8 grams while pure gold (24 carat) prices stand at Rs 60,384/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,832/8 grams while pure gold (24 carat) prices stand at Rs 60,576/8 grams.
Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)