Gold February futures contracts at MCX were slightly down on Monday, trading at Rs 79,813 per 10 gram, falling by 0.27% or Rs 213 while silver March futures contracts were trading at lower by 1% or Rs 919 at Rs 90,680/kg, around 10:30 am today.
Gold and silver gained last week amid Trump’s fight for lower interest rates; gold prices hit the 80,000 mark for the first time in the domestic markets.
On Friday, gold and silver settled on a positive note in the domestic and international markets. Gold February futures contract settled at Rs 80,026 per 10 grams with a gain of 0.50% and silver March futures contract settled at Rs 91,599 per kilogram with a gain of 0.49%.
Gold and silver gained last week after the US President said for lowering interest rates while speaking online in the World Economic Forum. His tone on Chinese tariff was also soft and supported gold and silver prices.
Gold prices hit a 3-month high in the international markets and closed at record highs. Gold prices also crossed the 80,000 mark in the domestic markets.
The dollar index slipped after Trump’s speech and supported bullion prices. The US flash manufacturing and jobless claims data was also supportive for gold and silver. Today, the US Dollar Index, DXY, was hovering near the 107.73 mark, gaining 0.29 or 0.27%.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and volatility in the global bond markets and the US FED monetary policy meetings,” 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 79,770-79,440 and resistance at Rs 80,325-80,650.
- Silver has support at Rs 90,750-90,000 and resistance at Rs 92,200-93,000.
Jain suggests booking profits in the long positions of gold but suggests buying silver around Rs 91,100 with a stop loss of Rs 90,450 for a target of Rs 92,400.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,360/8 grams while pure gold (24 carat) prices stand at Rs 61,088/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,016/8 grams while pure gold (24 carat) prices stand at Rs 60,720/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,696/8 grams while pure gold (24 carat) prices stand at Rs 60,472/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,848/8 grams while pure gold (24 carat) prices stand at Rs 60,560/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)