Gold February futures contracts at MCX opened flat on Friday at Rs 76,900 per 10 gram, which is up by 0.1% or Rs 73 while silver March futures contracts were trading higher at Rs 89,994/kg, up by 0.4% or Rs 358.Displaying some positive momentum, gold prices surged by Rs 250/10 grams in the last one week while silver prices have increased by Rs 2,800/kg in the same period.
On Thursday, gold and silver settled on a positive note in the domestic and international markets. Gold February futures contract settled at Rs 76,827 per 10 grams with a gain of 0.73% and silver March futures contract settled at Rs 89,636 per kilogram with a gain of 0.35%.
Gold and silver extended their gain in a thin volume session due to the Christmas and New Year holidays. Gold and silver are holding their make or break levels of $2,588 per troy and $29.88 per troy ounce respectively in the international markets.
Russia-Ukraine tensions and uncertainty in the global equity markets are supporting safe-haven demand for precious metals. Weakness in the rupee is supporting gold and silver prices in the domestic markets and the rupee is expected to remain weak in the near term and could continue to support prices of precious metals in the domestic markets.
Today, the US Dollar Index, DXY, was hovering near the 108.17 mark, gaining 0.04 or 0.03%.
However, the US 10-year bond yields hit 7-month highs and the US jobless claims also declined in the last week and could limit gains of precious metals.
“We expect gold and silver prices to remain steady in today’s session amid thin volume due to holidays in the international markets and could hold its key support levels on a weekly closing basis,” said Manoj Kumar Jain of Prithvi Finmart Commodity Research.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 76,600-76,330 and resistance at Rs 77,040-77,280.
- Silver has support at Rs 89,100-88,450 and resistance at Rs 90,200-90,850.
Jain suggests buying silver on dips around Rs 89,100 with a stop loss of Rs 88,450 for the target of Rs 90,400.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,208/8 grams while pure gold (24 carat) prices stand at Rs 62,032/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,296/8 grams while pure gold (24 carat) prices stand at Rs 61,104/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,832/8 grams while pure gold (24 carat) prices stand at Rs 60,584/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,816/8 grams while pure gold (24 carat) prices stand at Rs 60,616/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)