Amid highly volatile sessions and disappointing US PMI data, gold August futures at MCX opened flat at Rs 72,160 per 10 grams down by 0.06% or Rs 43, while silver July contracts stood at Rs 92,099/kg, up 0.07% or Rs 66.
Domestic markets settled on a positive note. Gold August futures contract settled at Rs72,203 per 10 grams with a gain of 0.51% and silver July futures contract settled at Rs92,033 per kilogram with a gain of 0.51%.
Gold and silver gained in a highly volatile session after disappointing U.S. manufacturing PMI data and weakness in the dollar index.
In the international markets, gold August futures contracts settled at $2,369.30 per troy ounce up by 0.92% and silver July futures contracts settled at $30.784 per troy ounce, up by 0.75%.
The dollar index slipped to nearly two-month lows after downbeat U.S. data and the U.S. 10-year bond yields also plunged and supported gold and silver prices. Today, the US Dollar Index, DXY, was hovering near the 104.08 mark, rising 0.06 or 0.06%“We expect gold and silver prices to remain volatile this week ahead of the U.S. job data and European Central Bank policy meetings and gold and silver could hold its support levels of $2310 and $29.60 per troy ounce respectively,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Ranges for gold and silver by Manoj Kumar Jain:
- Gold is having support at Rs 71,950-Rs 71,720 and resistance at Rs 72,440-Rs 72,700.
- Silver is having support at Rs 91,450-Rs 90700 and resistance at Rs 92,800-Rs 93,500.
“We suggest buying gold on dips around Rs 71,950 with a stop loss of Rs 71,720 for the target of Rs 72,440,” added Jain.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)