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Gold June futures contracts at MCX opened at Rs 93,271/10 grams. This was higher by 0.68% or Rs 634. Further, silver July futures contracts opened flat at Rs 94,145/kg, up by Rs 81 or 0.09%
On Friday, gold and silver settled on a mixed note in the domestic and international markets. Gold June futures contract settled at Rs 92,637 per 10 grams with a gain of 0.32% while silver July futures contract settled at Rs 94,064 per kilogram with a loss of 0.70%.
Gold and silver showed very high price volatility last week and showed profit taking amid rebound in the dollar index and US-China trade negotiation hopes. Gold and silver prices slipped to 3-week lows after the U.S. President said for trade negotiations with India, Japan, South Korea and China.
The dollar index recovered from multi-month lows and tested 100 marks once again after Trump’s statement and pushed precious metals lower. Today, the US Dollar Index, DXY, was hovering near the 99.73 mark, falling 0.30 or 0.30%.
“The U.S. economic data released last week were mixed as non-farm employment surged higher and also triggered profit taking in both precious metals. However, contraction in the first quarter U.S. GDP and higher jobless claims supported gold prices at lower levels,” 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 ahead of the U.S. Fed monetary policy meetings; gold prices could test their support level of $3,180 per troy ounce and silver prices could also test $31.40 per troy ounce levels,” he added.
Ranges for gold and silver on MCX by Manoj Kumar Jain:
- At MCX, gold has support at Rs 92,150-91,600 and resistance at Rs 93,040-93,550
- Silver has support at Rs 93,350-92,500 and resistance at Rs 94,800-95,500.
Jain suggests selling gold on rise around Rs 93,000-93,300 with a stop loss of Rs 93,720 for a target of Rs 92,200-91,850.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 56,648/8 grams while pure gold (24 carat) prices stand at Rs 61,456/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 56,648/8 grams while pure gold (24 carat) prices stand at Rs 60,432/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,904/8 grams while pure gold (24 carat) prices stand at Rs 60,624/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,016/8 grams while pure gold (24 carat) prices stand at Rs 60,792/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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