Amid global uncertainty, supporting safe-haven buying, Gold April futures contracts at MCX on Wednesday made a new all-time high of Rs 84,200/10 grams. Around 11 am, the prices were trading at Rs 84,166 per 10 grams, which is up by 0.44% or Rs 369.
Meanwhile, silver March futures contracts were trading flat at Rs 95,674/kg, down by 0.04% or Rs 35, gaining Rs 1,400/kg in this week so far.
Amid global uncertainty, supporting safe-haven buying, gold prices gained Rs 1,800/10 grams in the current week so far while silver prices were up by Rs 1,400/kg in the same period.
On Tuesday, gold and silver settled on a positive note in the domestic and international markets. Gold April futures contract settled at Rs 83,797 per 10 grams with a gain of 0.62% and silver March futures contract settled at Rs 95,709 per kilogram with a gain of 1.54%.
Gold and silver prices extended their gain amid global trade uncertainty due to Trump’s trade war. The dollar index plunged after the US paused tariffs for one month on Canada and Mexico.
Today, the US Dollar Index, DXY, was hovering near the 107.86 mark, falling 0.10 or 0.10%.In the international markets, gold prices hit fresh life-time high and crossed $2,870 per troy ounce levels. Silver prices also crossed $33 per troy ounce level and hit 9-week highs.“The US imposed tariffs on China and the Chinese government immediately retaliated on US tariffs and announced a set of tariffs on US imports including a probe against Google. The US economic data released on Tuesday was also disappointing and also supported gold and silver prices,” said Manoj Kumar Jain of Prithvi Finmart Commodity Research.
“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US trade war and ahead of the Bank of England policy meetings,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 83,440-83,100 and resistance at Rs 84,050-84,400.
- Silver has support at Rs 95,000-94,400 and resistance at Rs 96,300-97,000.
Jain suggests buying silver around Rs 95,100 with a stop loss of Rs 94,400 for a target of Rs 96,600.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,704/8 grams while pure gold (24 carat) prices stand at Rs 61,512/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,240/8 grams while pure gold (24 carat) prices stand at Rs 60,984/8 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 60,592/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,200/8 grams while pure gold (24 carat) prices stand at Rs 61,008/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)