Gold prices remained volatile in the last week, surging overall by Rs 900/10 grams on MCX as Gold April futures contracts opened flat today at Rs 85,970 per 10 grams. The prices were down by 0.05% or Rs 40 on Monday.
Meanwhile, silver March futures contracts have surged by Rs 700/kg, opening at Rs 96,265/kg Today. The same was slightly up by 0.07% or Rs 65 from their Friday’s closing price.
On Friday, gold and silver settled on a weaker note in the domestic and international markets. Gold April futures contract settled at Rs 86,010 per 10 grams with a loss of 0.02% and silver March futures contract settled at Rs 96,200 per kilogram with a loss of 0.94%.
Gold and silver showed very high volatility last week amid global uncertainty due to Trump tariff fears. Gold prices gained for the eighth consecutive week in the international markets and were trading at record highs.
“The dollar index showed profit taking from their highs amid downbeat US services PMI data as services PMI slipped below 50 levels for the first time since 25 months,” noted Manoj Kumar Jain of Prithvi Finmart Commodity Research.
Today, the US Dollar Index, DXY, was hovering near the 106.17 mark, falling 0.44 or 0.41%.The U.S. jobless claims also surged and pushed the dollar index lower. The US 10-year bond yields also slipped below 4.50% levels and supported safe-haven demand for gold.“Silver showed profit taking from higher levels due to downbeat US manufacturing and services PMI data but trading above $33 per troy ounce levels. We expect gold and silver prices to remain volatile this week 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 85,770-85,440 and resistance at Rs 86,360-86,650
- Silver has support at Rs 95,500-94,750 and resistance at Rs 96,850-97,400.
Jain suggests waiting for some stability in the bullion markets before taking fresh positions.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,160/8 grams while pure gold (24 carat) prices stand at Rs 60,952/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,376/8 grams while pure gold (24 carat) prices stand at Rs 61,120/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,968/8 grams while pure gold (24 carat) prices stand at Rs 60,688/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,048/8 grams while pure gold (24 carat) prices stand at Rs 60,856/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)