Gold February futures contracts at MCX opened slightly higher on Friday at Rs 78,311/10 gram, which is up by 0.27% or Rs 207 while silver March futures contracts inched higher to open at Rs 92,160/kg, up by nearly 0.5% or Rs 449.
Gold prices increased by Rs 1,560/10 grams in January so far while silver prices fell by Rs 4,930/kg in the same period.
On the domestic front, MCX Gold extended its positive momentum for the third consecutive session and closed with the formation of a bullish candle on the daily chart.
Gold prices remained stable on Friday during early Asian hours, poised for their strongest week since mid-November, as investors awaited US jobs data to gauge how aggressively the Federal Reserve might cut interest rates this year.
In the international markets, spot gold was unchanged at $2,670.16 per ounce, as of 0044 GMT. Bullion has gained more than 1% so far this week. Meanwhile, US gold futures edged 0.1% higher to $2,694.50.
The bullion strengthened to a nearly four-week high in the previous session, supported by safe-haven demand, while investors weighed how US President-elect Donald Trump’s policies would impact the economy and inflation.Trump will return to office on January 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.Today, the US Dollar Index, DXY, was hovering near the 109.18 mark, remaining flat.
Bullion is used as a hedge against inflation, although higher interest rates reduce the appeal of holding non-yielding bullion. Investors will now closely watch the key government payrolls report scheduled for release later today.
Meanwhile, spot silver shed 0.1% to $30.12 per ounce.
Ranges for gold and silver by Way2Wealth:
At MCX, gold has support at Rs 77,572-77,838 and resistance at Rs 78,312-78,520.
Silver has support at Rs 90,285-90,998 and resistance at Rs 92,362-93,013.
Traders are advised to use strict stop-losses, as volatility may remain elevated due to ongoing geopolitical tensions, suggest analysts at Way2Wealth.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,328/8 grams while pure gold (24 carat) prices stand at Rs 61,112/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,624/8 grams while pure gold (24 carat) prices stand at Rs 61,496/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,800/8 grams while pure gold (24 carat) prices stand at Rs 60,576/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,208/8 grams while pure gold (24 carat) prices stand at Rs 60,960/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)