Gold February futures contracts at MCX opened slightly higher on Thursday at Rs 77,942 per 10 gram, which is up by 0.25% or Rs 195 while silver March futures contracts were trading at Rs 91,261/kg, up by 0.36% or Rs 323.
Gold prices surged by Rs 600/10 grams in this week so far while silver prices rose Rs 2,000/kg during this period.
On Wednesday, gold and silver settled on a slightly positive note in the domestic as well as the international markets. Gold February futures contract settled at Rs 77,747 per 10 grams with a gain of 0.28% and silver March futures contract settled at Rs 90,938 per kilogram with a gain of 0.07%.
Gold and silver gained in the international markets but off the day’s high amid strength in the dollar index and the US bond yields. The US President-elect Trump’s tariff threat is destabilizing global financial markets and also limiting gains of precious metals.
Gold and silver prices also slipped from their highs amid a decline in the US jobless claims to 2,01,000 against expectations of 2,14,000 claims. However, a drop in private employment as per the ADP survey supported gold and silver prices.
Weakness in the rupee is supporting prices in the domestic markets. Today, the US Dollar Index, DXY, was hovering near the 108.95 mark, gaining 0.15 or 0.13%.“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,” 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 77,500-77,240 and resistance at Rs 78,000-78,300.
- Silver has support at Rs 90,150-89,500 and resistance at Rs 91,650-92,400.
Jain suggests buying gold around Rs 77,500 with a stop loss of Rs 77,200 for a target of Rs 78,050.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,512/8 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 56,896/8 grams while pure gold (24 carat) prices stand at Rs 60,664/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,952/8 grams while pure gold (24 carat) prices stand at Rs 60,680/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,176/8 grams while pure gold (24 carat) prices stand at Rs 60,904/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)