Gold April futures contracts at MCX opened flat on Tuesday at Rs 83,253/10 gram, which is down by 0.04% or Rs 30 while silver March futures contracts were trading at Rs 94,200/kg, down by 0.06% or Rs 57.
Gold prices surged significantly by Rs 3,100/10 grams in the last one week while silver prices rose by Rs 4,000/kg in the same period.
On Monday, gold and silver settled on a positive note in the domestic and international markets. Gold April futures contract settled at Rs 83,283/10 grams with a gain of 1.19% and silver March futures contract settled at Rs 94,257 per kilogram with a gain of 1.12%.
Gold and silver showed solid strength and gold hit fresh lifetime highs in the international and domestic markets amid global uncertainty due to US trade tariffs.
Global equity markets and Crypto crashed in the early trading session and the dollar index also crossed 109 marks but the US delayed tariffs for one month on Mexico and Canada amid a possible trade deal.
Today, the US Dollar Index, DXY, was hovering near the 108.65 mark, gaining 0.34 or 0.31%.“Gold and silver gained amid safe-haven buying and global uncertainty. Gold and silver could maintain their bullish momentum amid global central banks’ buying and safe-haven demand in the upcoming sessions. ,” 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 and the U.S. trade war and ahead of the Bank of England policy meetings,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 82,850-82,500 and resistance at Rs 83,650-84,000.
- Silver has support at Rs 93,600-92,850 and resistance at Rs 95,000-95,800.
Jain suggests buying silver around Rs 93,650 with a stop loss of Rs 92,850 for a target of Rs 95,200.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,584/8 grams while pure gold (24 carat) prices stand at Rs 61,336/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,184/8 grams while pure gold (24 carat) prices stand at Rs 60,9602/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,768/8 grams while pure gold (24 carat) prices stand at Rs 60,528/8 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 60,752/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)