Gold December futures contracts at MCX opened higher today at Rs 77,018 per 10 grams, which is up by 0.42% or Rs 325, and silver December futures contracts were trading at Rs 90,052/kg, up by 0.14% or Rs 127.
Gold futures prices surged for the 5th consecutive session today, gaining nearly Rs 3,100/10 grams while silver futures have surged by Rs 1,600/kg in the same time period.
On Monday, gold and silver settled on a mixed note in the domestic and international markets. Gold December futures contract settled at Rs 76,693 per 10 grams with a gain of 0.87% while silver December futures contract settled at Rs 89,925 per kilogram with a loss of 0.18%.
Gold extended its gains after Russia fired a long-distance missile on Ukraine. Heightened tensions between Russia and Ukraine increased safe-haven demand for gold.
However, the U.S. jobless claims decline in the last week to 2,13,000 against expected claims of 2,20,000 and limits gains of precious metals. The dollar index also extended its gains and crossed 107 marks and hit at 2-year high.
Today, the US Dollar Index, DXY, was hovering near the 107 mark, gaining 0.03 or 0.03%.Bitcoin crossed $98,000 a coin levels for the first time on Thursday and also limiting gains of precious metals.“Silver is facing steep resistance around $31.20 per troy ounce amid global growth concerns and strong US dollar. We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and geo-political tensions but it could hold its key support levels of $2,614 and $30.20 per troy ounce respectively on a weekly closing basis,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 76,400-76,140 and resistance at Rs 76,920-77,200.
- Silver has support at Rs 89,350-88,600 and resistance at Rs 90,550-91,200.
Jain suggests booking profits in gold and silver in long positions and wait for some corrective dips for initiating fresh positions.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,248/8 grams while pure gold (24 carat) prices stand at Rs 61,048/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,216/8 grams while pure gold (24 carat) prices stand at Rs 61,048/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 57,024/8 grams while pure gold (24 carat) prices stand at Rs 60,736/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,056/8 grams while pure gold (24 carat) prices stand at Rs 60,832/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)