Gold prices predicted to fall up to Rs 93,000/10 gms. Here's what analysts say
Live Events
How to trade gold?
Gold has support at Rs 94,800-94,400 and resistance at Rs 95,500-96,000
Silver has support at Rs 96,650-96,000 and resistance at Rs 98,250-99,100
Gold rates in physical markets
Gold Price today in Delhi
Gold Price today in Mumbai
Gold Price today in Chennai
Gold Price today in Hyderabad
(You can now subscribe to our
(You can now subscribe to our ETMarkets WhatsApp channel
Amid a rebound in the dollar index , gold June futures contracts at MCX opened flat at Rs 95,230/10 grams, marginally higher by Rs 87 or 0.09% after the yellow metal settled lower in the previous trading session.However, around 11 am, the metal witnessed buying from the lower levels and was trading 0.36% higher at Rs 95,490/10 gm. This is a surge of nearly Rs 350 from its closing price on Tuesday.Meanwhile, silver July futures contracts recovered from their day's low on Tuesday and also opened higher by Rs 566 or 0.58% at Rs 98,041/kg.On Tuesday, gold and silver settled on a weaker note in the domestic and international markets. Gold June futures contract settled at Rs 95,143 per 10 grams with a loss of 0.83% and silver July futures contract settled at Rs 97,475 per kilogram with a loss of 0.54%.Gold and silver showed heavy selling pressure in the international markets amid a rebound in the dollar index after the postponement of the trade tariffs by the U.S. President of the European Union. The dollar index recovered from 1-month lows and the U.S. equity markets also gained, easing some safe-haven buying for precious metals.Today, the US Dollar Index, DXY, was hovering near the 99.80 mark, gaining 0.28 or 0.28%.The U.S. durable goods orders data and consumer confidence data released on Tuesday were also better than expected and pushed bullion prices lower. However, the U.S. trade tariff uncertainty and geopolitical tensions could support prices of precious metals at lower levels.'We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, geopolitical tensions and ahead of the FOMC meeting minutes; gold prices could hold its support level of $3,200 per troy ounce and silver prices could also hold $31.80 per troy ounce levels on a weekly closing basis,' said Manoj Kumar Jain of Prithvifinmart Commodity Research.Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:Jain suggests buying gold and silver until they hold their key support level of Rs 94,400 and Rs 96,650, respectively, on a closing basis. He further noted that gold could retest Rs 96,000 and silver could also retest Rs 98,250-99,000 levels in the upcoming sessions.Gold prices are witnessing volatility due to a lack of triggers. Profit booking is typically witnessed from higher levels on account of easing geopolitical tensions between Israel and Hamas and ongoing tariff relief measures, reducing safe-haven demand.'In the international market, Comex gold is expected to trade in a lower range of $3,250 to $3,325, while the domestic outlook now shifts to Rs 93,000–Rs 96,000,' noted Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities.Deveya Gaglani, Senior Research Analyst - Commodities at Axis Securities, echoed a similar sentiment, stating, 'Looking ahead, volatility is expected to remain elevated this week, with key macro triggers including the release of FOMC meeting minutes and prelim U.S. GDP data'.Standard gold (22 carat) prices in Delhi stand at Rs 58,144/8 grams while pure gold (24 carat) prices stand at Rs 62,024/8 grams.Standard gold (22 carat) prices in Mumbai stand at Rs 57,624/8 grams while pure gold (24 carat) prices stand at Rs 61,464/8 grams.Standard gold (22 carat) prices in Chennai stand at Rs 56,928/8 grams while pure gold (24 carat) prices stand at Rs 60,728/8 grams.Standard gold (22 carat) prices in Hyderabad stand at Rs 56,840/8 grams while pure gold (24 carat) prices stand at Rs 60,568/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
16 minutes ago
- India.com
Bollywood's richest family has no superstars, still richer than Bachchans, Kapoors, Khans, Chopras, once sold fruits, now worth Rs..., they are..
Bollywood's richest family has no superstars, still richer than Bachchans, Kapoors, Khans, Chopras, once sold fruits, now worth Rs..., they are.. From Kapoors to Chopras, the Hindi cinema has seen few prominent wealthy families that have ruled the Indian cinema, and are responsible for launching stars and producing blockbuster films. Yet, none of them are as rich as this family, who once started as fruit vendors, now amass extravagant wealth without backing of any big superstar. It is none other than the Kumars, owners of T-Series, the family who has surpassed net worth of Khans, Bachchans and Chopras, according to the Hurun Rich List. The latest edition of Indian list from Hurun released last year, and revealed Bhushan Kumar's family, the richest in Bollywood, with net worth at $1.2 billion (over ₹10,000 crore). The tag, which was once claimed by the Kapoors, having net worth of Rs 2000 crore, is now ultimately shifted to the Kumars. The second on the place after Kumars is Yash Chopra's family, with combined reported net worth of Rs 8000 crore. Shah Rukh Khan, Bollywood's wealthiest actor, his familial net worth is Rs 7800 crore, according to Forbes. Well, The Kumars journey to success started with humble earnings. Just one generation ago, Gulshan Kumar, father of Bhushan Kumar, was a fruit vendor in Delhi. His career transformed in the 1970s when he began business of selling music cassettes. From there, the family launched their own record label, Super Cassettes, which later developed into T-Series. Currently, Bhushan Kumar leads the family business, as the chairman and managing director of T-Series. Supported, by his uncle Krishan Kumar, who manages the company's operations, he has two sisters- Tulsi and Khushali Kumar, who are involved in the entertainment sectors. While Tulsi is a well-known playback singer, Khushali is an actress. His wife, Divya Khosla Kumar, producer and director, also holds shares in the company. The Kumars draw a bulk of income from T-Series, one of India's biggest music labels and production companies. According to Industry insiders, Bhushan Kumar hold 80% of family's collective net worth. Meanwhile, his sisters Tulsi and Khushali Kumar reportedly own Rs 250 crore and Rs 100 crore net worth. Well, T-Series also has several other subsidiaries and an acting school in Noida.
Hans India
17 minutes ago
- Hans India
Sheep prices see sharp spike ahead of Bakrid
Hyderabad: Ahead of the upcoming Bakrid (Eid-ul-Adha) festival, Hyderabad is witnessing an unprecedented surge in livestock prices, with sheep fetching significantly higher rates than previous years. Traders attribute this sharp increase to a confluence of factors, including adverse weather conditions across various districts and states, alongside stricter regulations governing animal transport. A pair of sheep is currently being sold between Rs 26,000 and Rs 32,000 in city markets, representing an increase of nearly Rs 8,000 compared to last year's prices. For instance, a medium-sized pair that commanded between Rs 20,000 and Rs 25,000 in temporary markets like Balapur and Mehdipatnam last year is now priced at around Rs 30,000. Cattle, meanwhile, are retailing from Rs 50,000 to as much as Rs 2 lakh each. This escalating cost is forcing Muslim families planning their annual ritual sacrifice to navigate markets diligently to find an animal within their budget. Traders have begun establishing stalls on roadsides in areas such as Falaknuma, Chandrayanagutta, Barkas, Chanchalguda, Bahadurpura, Kishan Bagh, Asif Nagar, Mehdipatnam, Tolichowki, Golconda, and Bowenpally, among others, expressing optimism about selling their stock before the festival on Saturday. The severe weather, including heavy rainfall in various districts and neighbouring states, has led to sheep arriving in the city in wet conditions. Consequently, traders are employing halogen bulbs and lighting at their camps and sale points to keep the animals dry. Shahid Ali, a resident of Saidabad, who purchased a pair of sheep for Rs32,000 at the Jalpally market, noted the significant jump. 'Last year, I bought a pair for Rs24,000, which yielded 14 kg of meat,' he explained. A trader who had sourced livestock from Shadnagar highlighted the stringent rules and regulations now governing the bringing of stock into the city. He explained that all animals undergo examination, and traders must obtain necessary certificates and receipts to confirm their fitness for slaughter or travel before being allowed into city markets. Livestock is being sourced from local markets like Jalpally and Jiyaguda, as well as districts such as Singichella, Bhongir, Nalgonda, Mahbubnagar, Gadwal, Sangareddy, Zaheerabad, Vikarabad, Tandur, and Kurnool. Animals are also arriving from other states, including Karnataka, Maharashtra, Andhra Pradesh, Madhya Pradesh, and Uttar Pradesh. Abubakar Bin Mohammed, another trader at Jalpally, specialises in the Nellore breed, which he identifies as the tallest sheep breed in India. He noted a significant price increase this season, selling a pair of Nellore sheep for Rs60,000 – at least 25 per cent higher than the previous year. Various other breeds, including Telangana Potla, Dumba, Kadga, Nasi, Khassi, Menda, and Jamunapuri (known for long ears), are also available. The Khassi breed is particularly expensive, starting from Rs 60,000 a pair and potentially reaching Rs1 lakh depending on size, as it is often bred as a pet in rural households of Uttar Pradesh and Madhya Pradesh. Maulana Mohammed Rizwan Qureshi, Khatib of Mecca Masjid, provided clarification on the age and health requirements for sacrificial animals. 'A sacrificial sheep or goat must be above the age of one year, while a sacrificial bull, ox, or buffalo must be above two years,' he stated. He added that all animals should be free from any obvious defects.
Time of India
21 minutes ago
- Time of India
Nifty today: GIFT Nifty up 60 points; here's the trading setup for today's session
Tech View: Technically, very short-term support is placed at 24,500. A fall below this level may trigger an increase in short positions, potentially leading to a swift decline towards 24,000. On the other hand, if the Nifty holds above 24,500, it could see a recovery towards the 24,700–24,750 zone in the near term. Technically, very short-term support is placed at 24,500. A fall below this level may trigger an increase in short positions, potentially leading to a swift decline towards 24,000. On the other hand, if the Nifty holds above 24,500, it could see a recovery towards the 24,700–24,750 zone in the near term. India VIX: India VIX, which is a measure of the fear in the markets, fell 3.5% to settle at 16.56 levels. Dow up 0.51%, S&P 500 rises 0.54%, Nasdaq gains 0.81% S&P 500 futures were little changed as of 9:15 a.m. Tokyo time Japan's Topix rose 0.5% Australia's S&P/ASX 200 rose 0.5% Euro Stoxx 50 futures rose 0.2% ADVERTISEMENT ADVERTISEMENT ADVERTISEMENT Domestic equities fell down on Monday, weighed down by the rising geopolitical tensions between Russia and Ukraine. However, Nifty managed to recoup early losses to close on a flattish note. Analysts expect the market to continue its consolidation amid weak global cues, although downside may be limited due to strong domestic macros and a potential boost from the anticipated RBI rate Nifty on the NSE IX traded higher by 62.50 points, or 0.25 per cent, at 24,727, signaling that Dalal Street was headed for positive start on stock indexes closed higher on Tuesday, helped by gains in Nvidia and other chipmakers, as investors awaited possible negotiations between the United States and its trading partners for more clarity on Washington's tariff stocks rose at the open after data showed the US labor market is holding up despite concerns about risks from President Donald Trump's tariff prices held steady on Wednesday as the uncertainty over U.S.-China trade relations offset the impact of strong U.S. jobs data that boosted risk dollar drifted lower on Wednesday as the market looked ahead to U.S. employment data for immediate trading cues, while waiting on developments in President Donald Trump's tariff negotiations with key trading partners including prices edged lower in early Asian trade on Wednesday, weighed down by a loosening supply-demand balance following increasing OPEC+ output and lingering concerns over the global economic outlook due to tariff in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position portfolio investors net sold shares worth Rs 2,853 crore on Tuesday. DIIs, meanwhile, were net buyers at Rs 5908 rupee depreciated 22 paise to settle at 85.61 against the US dollar on Tuesday, weighed down by a firm American dollar, while selling pressure in secondary markets added further weakness to the position of FIIs in the futures market increased from a net short of Rs 89,066 crore on Monday to Rs 1.04 lakh crore on Tuesday.
