Gold April futures contracts at MCX opened higher on Tuesday at Rs 80,355/10 gram, which is up by 0.24% or Rs 195 while silver March futures contracts were flat at Rs 90,223/kg.
On Monday, gold and silver settled on a weaker note in the domestic and international markets. Gold April futures contract settled at Rs 80,160 per 10 grams with a loss of 0.62% and silver March futures contract settled at Rs 90,223 per kilogram with a loss of 1.50%.
Gold and silver plunged at the start of week amid heavy sell-off in the US technology stocks. The Chinese small company DeepSeek challenged US leadership in the development of AI Chinese company produced a language model at a fraction of the cost of the US models.
DeepSeek’s AI assistant is now the top rated free application on the Apple’s app store and this news leads to heavy sell-off in the US and global technology stocks.
“Pressure was also mounting on precious metals and gold prices slipped from last week’s record closing and silver prices also fell. However, global uncertainty is supporting safe-haven buying for precious metals,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Today, the US Dollar Index, DXY, was hovering near the 107.88 mark, gaining 0.54 or 0.50%.“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,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 79,920-79,660 and resistance at Rs 80,440-80,700.
- Silver has support at Rs 89,550-88,800 and resistance at Rs 91,000-91,650.
Jain suggests buying silver around Rs 90,000 with a stop loss of Rs 89,450 for a target of Rs 91,200.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,160/8 grams while pure gold (24 carat) prices stand at Rs 61,984/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 56,928/8 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 56,912/8 grams while pure gold (24 carat) prices stand at Rs 60,696/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,936/8 grams while pure gold (24 carat) prices stand at Rs 60,728/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)