Gold February futures contracts at MCX opened flat with a negative bias today at Rs 77,440 per 10 gram, which is down by 0.12% or Rs 91 while silver March futures contracts were trading at Rs 90,840/kg, down by 0.04% or Rs 33.
Gold prices have broadly traded flat in this week so far, having increased by Rs 120/10 gram, whereas silver prices have gone up by Rs 1,600/kg in the same time.
On Tuesday, gold and silver settled on a weaker note in the domestic and international markets. Gold February futures contract settled at Rs 77,531 per 10 grams with a gain of 0.48% and silver March futures contract settled at Rs 90,873 per kilogram with a gain of 0.35%.
Gold and silver gained in a highly volatile session amid firm gold buying of global central banks in November month. The Chinese central bank also resumed its buying and bought 10 metric tonnes of gold in November month.
However,a rebound in the dollar index and the U.S. bond yields limits gains of precious metals. Today, the US Dollar Index, DXY, was hovering near 108.59 mark, gaining 0.05 or 0.05%.
Gold and silver prices also off day’s high after the U.S. services PMI reading reached 54.1 and JOLTS job openings also rose to 8.10 million in November against the October month reading of 7.74 million jobs. The U.S. job reports could give further directions to the metal markets. “We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the U.S. job data. Gold has support at $2650-2634, while resistance at $2680-2694 per troy ounce and silver has support at $30.45-30.20, while resistance is at $30.88-31.20 per troy ounce in today’s session,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 77,220-77,000 and resistance at Rs 77,800-78,000.
- Silver has support at Rs 90,150-89,500 and resistance at Rs 91,650-92,400.
Jain suggests waiting for some corrective dips for initiating fresh long positions in gold and silver.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,768/8 grams while pure gold (24 carat) prices stand at Rs 61,624/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,136/8 grams while pure gold (24 carat) prices stand at Rs 60,920/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,736/8 grams while pure gold (24 carat) prices stand at Rs 60,448/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,112/8 grams while pure gold (24 carat) prices stand at Rs 60,824/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)