gold rate today, gold rate delhi today, Gold price today, Gold price today delhi, MCX gold rate, Mcx silver rate, MCX gold live, bullion, Fed, precious metalsGold February futures contracts at MCX opened flat today at Rs 78,829 per 10 gram, which is down by 0.22% or Rs 173 while silver March futures contracts were trading at Rs 95,780/kg, down by 0.02% or Rs 22.
However, gold prices have surged by Rs 2,200/ 10 grams in this week so far while silver prices have gained Rs 3,300/kg in the same period.
On Wednesday, gold and silver settled on a positive note in the domestic and international markets. Gold February futures contract settled at Rs 79,002 per 10 grams with a gain of 0.85% and silver March futures contract settled at Rs 95,802 per kilogram with a gain of 0.29%.
Gold and silver extended their gains after inline U.S. inflation data and interest rate cuts by the Bank of Canada. The U.S. CPI came up at 2.7% in November month as per market expectations and market participants were quite relieved after inline inflation data.
The Bank of Canada cut interest rates by 50 basis points to 3.25% and also supported gold and silver prices. Gold prices hit 5-week highs and silver prices also hit a 6-week high after U.S. inflation data.
“Geopolitical tensions, central banks buying and Chinese stimulus talks are supporting precious metals and gold is preparing for new life highs in the international markets,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Today, the US Dollar Index, DXY, was hovering near the 106.54 mark, gaining 0.17 or 0.16%.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, geo-political tensions and the U.S. jobless claims data but it could hold its key support levels of $2,588 and $29.88 per troy ounce levels respectively on a weekly closing basis,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 78,770-78,480 and resistance at Rs 79,330-79,650.
- Silver has support at Rs 95,150-94,400 and resistance at Rs 96,650-97,350.
Jain suggests buying gold on dips around Rs 78,750 with a stop loss of Rs 78,440 for the target of Rs 79,400 and also buying silver around Rs 95,200 with a stop loss of Rs 94,400 for the target of Rs 96,800.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,344/8 grams while pure gold (24 carat) prices stand at Rs 62,224/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,280/8 grams while pure gold (24 carat) prices stand at Rs 61,080/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,720/8 grams while pure gold (24 carat) prices stand at Rs 60,416/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,072/8 grams while pure gold (24 carat) prices stand at Rs 60,848/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)