After hitting an all-time high of Rs 99,358, gold June futures contracts at MCX witnessed profit booking in Wednesday’s session, opening significantly lower by Rs 1,883 or 1.45% at Rs 95,457/10 grams.
Silver May futures contracts also opened lower at Rs 95,478/kg today, which was down by 0.42% or Rs 400.
On Tuesday, the precious metals settled on a positive note in the domestic market anf on a mixed note in the international market. Gold June futures contract settled at Rs 97,340 per 10 grams with a gain of 0.04% and silver May futures contract settled at Rs 95,879 per kilogram with a gain of 0.66%.
Gold and silver prices showed very high volatility, and gold prices crossed $3,500 per troy ounce levels in the early trading sessio,n but the U.S. President’s statement on China and Fed Chairman triggered profit taking in gold from record-high levels.
The U.S. President said that we are doing fine with China and has no plan to fire Fed Chairman Powell. After his comments, gold prices slipped more than $100 per troy ounce and U.S. equity markets rebounded again.
Traders and investors booked profits in gold at higher levels.
The dollar index also recovered from 3-year lows and pushed gold prices lower. Today, the US Dollar Index, DXY, was hovering near the 99.31 mark, gaining 0.40 or 0.40%.
“Gains in the industrial metals supported prices of silver. If gold prices slipped below $3,400 could show further weakness towards $3,330-3,260 per troy ounce levels; $3.440 acts as major resistance for gold,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US-China trade war; gold prices could hold their support level of $3,200 and silver prices could also hold $29.88 per troy ounce levels,” he added.
Ranges for gold and silver by Manoj Kumar Jain:
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,176/8 grams while pure gold (24 carat) prices stand at Rs 60,920/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,952/8 grams while pure gold (24 carat) prices stand at Rs 61,784/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,600/8 grams while pure gold (24 carat) prices stand at Rs 60,376/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,120/8 grams while pure gold (24 carat) prices stand at Rs 60,952/8 grams.
( Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Silver May futures contracts also opened lower at Rs 95,478/kg today, which was down by 0.42% or Rs 400.
On Tuesday, the precious metals settled on a positive note in the domestic market anf on a mixed note in the international market. Gold June futures contract settled at Rs 97,340 per 10 grams with a gain of 0.04% and silver May futures contract settled at Rs 95,879 per kilogram with a gain of 0.66%.
Gold and silver prices showed very high volatility, and gold prices crossed $3,500 per troy ounce levels in the early trading sessio,n but the U.S. President’s statement on China and Fed Chairman triggered profit taking in gold from record-high levels.
The U.S. President said that we are doing fine with China and has no plan to fire Fed Chairman Powell. After his comments, gold prices slipped more than $100 per troy ounce and U.S. equity markets rebounded again.
Traders and investors booked profits in gold at higher levels.
The dollar index also recovered from 3-year lows and pushed gold prices lower. Today, the US Dollar Index, DXY, was hovering near the 99.31 mark, gaining 0.40 or 0.40%.
“Gains in the industrial metals supported prices of silver. If gold prices slipped below $3,400 could show further weakness towards $3,330-3,260 per troy ounce levels; $3.440 acts as major resistance for gold,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US-China trade war; gold prices could hold their support level of $3,200 and silver prices could also hold $29.88 per troy ounce levels,” he added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 96,600-95,850 and resistance at Rs 98,000-98,650
- Silver has support at Rs 95,200-94,500 and resistance at Rs 96,650-97,400.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,176/8 grams while pure gold (24 carat) prices stand at Rs 60,920/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,952/8 grams while pure gold (24 carat) prices stand at Rs 61,784/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,600/8 grams while pure gold (24 carat) prices stand at Rs 60,376/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,120/8 grams while pure gold (24 carat) prices stand at Rs 60,952/8 grams.
( Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
You may also like
Culprits won't be spared: Amit Shah after paying last respects to the deceased of Pahalgam terror attacks
David Lammy humiliated as US top brass pull out of his London Ukraine peace talks
'I quit the rental market to live in a van with my dog - and I feel so free'
Two terrorists killed as Army foils infiltration bid on Uri LoC (Ld)
Singer Sanju Rathod infuses Marathi pop culture into his latest track 'Shaky' featuring Isha Malviya
