Gold Price Today: Yellow metal prices trade flat in one month, gain Rs 225/10g, silver down by Rs 700/kg

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Gold February futures contracts at MCX opened flat on Tuesday at Rs 76,213/10 gram, which is down by 0.09% or Rs 69 while silver March futures contracts were trading at Rs 89,299/kg, down by 0.2% or Rs 181.

After facing volatility in the last one month, gold prices have largely remained flat, gaining Rs 225/10 gram in the said time period. Meanwhile, the price of silver too remained flat, dipping by Rs 700/kg.

On Monday, gold and silver settled on a mixed note in the domestic and international markets. Gold February futures contract settled at Rs 76,144/10 grams with a loss of 0.36% while silver March futures contract settled at Rs 89,118/kilogram with a gain of 0.82%.

Gold and silver prices were settled on a mixed note amid mixed US economic data and a rebound in the dollar index and the US bond yields. The US consumer confidence index fell in December month and dropped to 104.7 against November month’s revised reading of 112.8.

A sharp decline in consumer confidence during the holiday season increased worries about the health of the economy but was unable to support the safe-haven demand for precious metals.

Today, the US Dollar Index, DXY, was hovering near the 108.13 mark, gaining 0.10 or 0.09%.“The dollar index and the US 10-year bond yields surged once again amid weakness in the global equity markets and hawkish FED guidance for further rate cuts. However, geopolitical tensions and bargain buying at lower levels are supporting gold and silver prices,” said Manoj Kumar Jain of Prithvi Finmart Commodity Research.However, the dollar index shows some profit-taking from higher levels and global equity markets were mixed and supporting safe-haven demand for precious metals.

“We expect gold and silver prices to remain volatile this week. Gold has support at $2614-2600, while resistance at $2,644-2,658 per troy ounce and silver has support at $29.88-29.55, while resistance is at $30.50-30.84 per troy ounce in today’s session,” Jain added.

Ranges for gold and silver by Manoj Kumar Jain:

  • At MCX, gold has support at Rs 75,920-75,650 and resistance at Rs 76,440-76,700.
  • Silver has support at Rs 88,450-87,700 and resistance at Rs 89,900-90,500.

Jain suggests gold around Rs 76,000 with a stop loss of Rs 75,770 for a target of Rs 76,500 and also suggests buying silver around Rs 88,650 with a stop loss of Rs 88,100 for a target of Rs 89,800.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 58,336/8 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 57,536/8 grams while pure gold (24 carat) prices stand at Rs 61,352/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 56,784/8 grams while pure gold (24 carat) prices stand at Rs 60,536/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 57,080/8 grams while pure gold (24 carat) prices stand at Rs 60,840/8 grams.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

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