Gold February futures contracts at MCX opened flat on Monday at Rs 76,363 per 10 gram, which is down by 0.07% or Rs 57 while silver March futures contracts were trading at Rs 88,938/kg, up by 0.62% or Rs 546.
Gold prices jumped by Rs 900/10 grams in the last 2 days while silver prices have increased by Rs 1,750/kg in the same period.
On Friday, gold and silver settled on a positive note in the domestic and international markets. Gold February futures contract settled at Rs 76,420 per 10 grams with a gain of 1.02% and silver March futures contract settled at Rs 88,392 per kilogram with a gain of 1.38%.
Gold and silver prices recovered from 1-month and 3-1/2 month lows in a highly volatile session. The dollar index and the bond yields showed profit taking and supported precious metal prices.
The dollar index slipped from 2-year highs after University of Michigan’s inflation expectations showed a reading of 2.8% against previous reading of 2.9%.
Today, the US Dollar Index, DXY, was hovering near the 107.72 mark, gaining 0.10 or 0.09%.The U.S. personal income and consumer spending data released on Friday also missed expectations and pushed the dollar index lower. The US 10-year bond yields also slipped from 6-1/2 month highs and also supported prices of gold and silver.“Gold and silver hold its make or break level of $2,588 per troy ounce and $29.88 per troy ounce respectively on a weekly closing basis. If these support levels are held and smart recovery is possible in gold and silver this week,” said Manoj Kumar Jain of Prithvi Finmart Commodity Research.
“Escalating tensions between Russia-Ukraine over the weekend could also support prices of precious metals. We expect gold and silver prices to remain volatile this week,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 76,080-75,800 and resistance at Rs 76,660-77,000.
- Silver has support at Rs 87,650-86,800 and resistance at Rs 89,100-90,000.
Jain suggests buying gold around Rs 76,000 with a stop loss of Rs 75,650 for a target of Rs 76,700 and also buying silver around Rs 87,700 with a stop loss of Rs 86,800 for a target of Rs 89,500.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,312/8 grams while pure gold (24 carat) prices stand at Rs 62,216/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 62,216/8 grams while pure gold (24 carat) prices stand at Rs 60,984/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,904/8 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 57,016/8 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)