Gold February futures contracts at MCX opened flat on Friday at Rs 79,160/10 gram, which is down by 0.08% or Rs 66 while silver March futures contracts were trading at Rs 95,525/kg, down by 0.3% or Rs 278.
Gold prices have surged by Rs 700/10 grams in this week so far while silver prices traded flat, gaining Rs 19/kg in this week.
On Thursday, gold and silver prices settled on a mixed note in the domestic markets but on a positive note in the international markets. Gold February futures contract settled at Rs 79,226 per 10 grams with a gain of 0.66% while silver March futures contract settled at Rs 92,803 per kilogram with a loss of 0.06%.
Gold and silver extended their gains in the international markets and both precious metals hit 1-month highs. Gold and silver gained amid a cool-off in the dollar index and the US bond yields.
Safe-haven demand was also observed in the precious metals amid uncertainties about the economic policies of the Trump administration.
The US economic data released on Thursday were mixed and also supports precious metals. The US jobless claims surged to 2,17,000 last week and retail sales and core retail sales data was also lower than expected and supportive for the prices of precious metals.“We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and ahead of the Chinese economic data,” said Manoj Kumar Jain of Prithvi finmart Commodity Research.Today, the US Dollar Index, DXY, was hovering near the 108.97 mark, gaining 0.02 or 0.01%.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 79,000-78,720 and resistance at Rs 79,500-79,770.
- Silver has support at Rs 92,220-91,500 and resistance at Rs 93,660-94,400.
Jain suggests buying gold on dips around Rs 78,900 with a stop loss of Rs 79,660 for a target of Rs 79,500.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,264/8 grams while pure gold (24 carat) prices stand at Rs 61,040/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,760/8 grams while pure gold (24 carat) prices stand at Rs 61,632/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 57,064/8 grams while pure gold (24 carat) prices stand at Rs 60,776/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,912/8 grams while pure gold (24 carat) prices stand at Rs 60,672/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)