Gold jumps Rs 850; silver slips Rs 100
The most traded gold contracts for August delivery bounced by Rs1,585 to trade at Rs98,289 per 10 grams. Subsequently, the contracts for October delivery rallied Rs1,520 to Rs99,214 per 10 grams on the Multi Commodity Exchange (MCX). 'Gold prices surged higher on Thursday as escalating US-Iran tensions reignited safe-haven demand and weaker-than-expected US inflation data bolstered bets of interest rate cuts from the Federal Reserve,' Sriram Iyer, Senior Research Analyst at Reliance Securities, said. Meanwhile, spot gold increased by $15.74 per ounce or 0.47 per cent to $3,370.87 per ounce in the international markets.
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Mint
2 hours ago
- Mint
Gold price today: Can MCX gold rates sustain above ₹1 lakh amid Russia-Ukraine ceasefire talks?
Gold price today: Gold prices slipped by ₹ 103 to ₹ 98,593 per 10 grams in futures trade on Wednesday, weighed down by weak spot demand. On the Multi Commodity Exchange (MCX), October delivery contracts fell by ₹ 103, or 0.1%, to ₹ 98,593 per 10 grams, with a trading volume of 14,029 lots. Meanwhile, in the international markets, spot gold declined 0.4% to $3,317.71 per ounce, after earlier touching its lowest level since August 1 during the session. The dollar index trimmed earlier losses and held steady, while yields on the benchmark 10-year Treasury slipped. Later this week, the Federal Reserve will host its annual symposium in Jackson Hole, Wyoming, where Fed Chair Jerome Powell is set to speak on Friday about the economic outlook and the central bank's policy approach. On the geopolitical side, signs suggest the Russia-Ukraine conflict may be nearing its conclusion. As reported by Reuters, Ukrainian President Volodymyr Zelenskiy described his talks at the White House as a "major step forward" toward ending the war, paving the way for a trilateral meeting with Russian President Vladimir Putin and Trump. "Gold prices inched lower to their lowest level in nearly three weeks as the dollar strengthened, while investors awaited Fed chair speech at the Jackson Hole symposium later this week. U.S. dollar index climbed to its highest level in more than a week. Meanwhile, USDINR fell below 87, weighing further on domestic prices. U.S. President Trump ruled out deploying ground troops to Ukraine but suggested air support could be part of a deal to end Russia's war in the region. Ukrainian President Volodymyr Zelensky hailed the White House talks as a "major step forward" towards ending Europe's deadliest conflict in 80 years and setting up a trilateral meeting with Russian President Vladimir Putin and Trump," said Manav Modi, Analyst – Precious Metal Research, Motilal Oswal Financial Services Ltd Renisha Chainani, Head - Research at Augmont, gold seems to continue its downward trajectory after sustaining below $3400. Next target is $3340 (~ ₹ 98500), while $3445 (~ ₹ 100,500) remains the resistance, Chainani said. Meanwhile, on the other hand, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, gold is expected to trade with a mildly positive bias within ₹ 99,000– ₹ 1,00,000 on MCX and $3,335–$3,360 on Comex.
Mint
5 hours ago
- Mint
Gold price today: Can MCX gold rates sustain above ₹1 lakh amid Russia-Ukraine ceasefire talks?
Gold price today: Gold prices slipped by ₹ 103 to ₹ 98,593 per 10 grams in futures trade on Wednesday, weighed down by weak spot demand. On the Multi Commodity Exchange (MCX), October delivery contracts fell by ₹ 103, or 0.1%, to ₹ 98,593 per 10 grams, with a trading volume of 14,029 lots. Meanwhile, in the international markets, spot gold declined 0.4% to $3,317.71 per ounce, after earlier touching its lowest level since August 1 during the session. The dollar index trimmed earlier losses and held steady, while yields on the benchmark 10-year Treasury slipped. Later this week, the Federal Reserve will host its annual symposium in Jackson Hole, Wyoming, where Fed Chair Jerome Powell is set to speak on Friday about the economic outlook and the central bank's policy approach. On the geopolitical side, signs suggest the Russia-Ukraine conflict may be nearing its conclusion. As reported by Reuters, Ukrainian President Volodymyr Zelenskiy described his talks at the White House as a "major step forward" toward ending the war, paving the way for a trilateral meeting with Russian President Vladimir Putin and Trump. "Gold prices inched lower to their lowest level in nearly three weeks as the dollar strengthened, while investors awaited Fed chair speech at the Jackson Hole symposium later this week. U.S. dollar index climbed to its highest level in more than a week. Meanwhile, USDINR fell below 87, weighing further on domestic prices. U.S. President Trump ruled out deploying ground troops to Ukraine but suggested air support could be part of a deal to end Russia's war in the region. Ukrainian President Volodymyr Zelensky hailed the White House talks as a "major step forward" towards ending Europe's deadliest conflict in 80 years and setting up a trilateral meeting with Russian President Vladimir Putin and Trump," said Manav Modi, Analyst – Precious Metal Research, Motilal Oswal Financial Services Ltd Renisha Chainani, Head - Research at Augmont, gold seems to continue its downward trajectory after sustaining below $3400. Next target is $3340 (~ ₹ 98500), while $3445 (~ ₹ 100,500) remains the resistance, Chainani said. Meanwhile, on the other hand, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, gold is expected to trade with a mildly positive bias within ₹ 99,000– ₹ 1,00,000 on MCX and $3,335–$3,360 on Comex. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Economic Times
5 hours ago
- Economic Times
Gold prices firm near Rs 98,800/10 grams, but more fall likely. Check what analysts say
Gold October futures prices at MCX held steady at Rs 98,801/10 grams, gaining Rs 105 or 0.11%, despite pressure from a stronger US dollar and easing geopolitical expectations of a potential breakthrough in talks between Trump, Putin, Ukrainian leader Zelenskiy, and European leaders fueled hopes of a ceasefire. ADVERTISEMENT However, silver September contracts were weak as they traded lower by Rs 495 or 0.44% at Rs 1,10,850/kg. On Tuesday, gold and silver settled on a weak note in the domestic and international markets. Gold October futures contract settled at Rs 98,696 per 10 grams with a loss of 0.71% and silver September futures contract settled at Rs 1,11,345 per kilogram with a loss of 0.98%. Gold and silver have shown very high price volatility, extending their fall in the international and domestic markets ahead of the Fed Chairman's keynote speech at the Jackson Hole Symposium later this precious metals also plunged ahead of the Fed's monetary policy meeting minutes. The dollar index was slightly up and also pushed gold and silver prices lower. The rupee is showing strength and is additionally pressurising gold and silver prices in the domestic US Dollar Index, DXY, was seen hovering near the 98.33 mark, falling 0.07 or 0.07% on Wednesday. ADVERTISEMENT 'Traders are looking cautious ahead of the Fed Chairman's comments on the monetary policy, inflation and economic growth and will be directional for the bullion markets,' said Manoj Kumar Jain of Prithvifinmart Commodity Research. Unlock 500+ Stock Recos on App 'We expect gold and silver prices to remain volatile this week amid possibility of ceasefire deal in the Russia-Ukraine war, volatility in the rupee and ahead of the Fed Chairman's speech and gold is expected to trade in the range of $3,320-3,424 per troy ounce and silver is expected to trade in the range of $36.40-38.70 per troy ounce this week,' he added. ADVERTISEMENT Manoj Kumar Jain suggested the following ranges for gold and silver on MCX: ADVERTISEMENT Gold has support at Rs 98,380-98,000 and resistance at Rs 99,000-99,360 Silver has support at Rs 1,10,800-1,10,000 and resistance at Rs 1,12,000-1,12,800 Jain suggests avoiding fresh positions in gold and silver ahead of the Fed meeting minutes. Standard gold (22 carat) prices in Delhi stand at Rs 58,176/8 grams, while pure gold (24 carat) prices stand at Rs 62,064/8 gold (22 carat) prices in Mumbai stand at Rs 56,960/8 grams, while pure gold (24 carat) prices stand at Rs 60,728/8 grams. ADVERTISEMENT Standard gold (22 carat) prices in Chennai stand at Rs 57,016/8 grams, while pure gold (24 carat) prices stand at Rs 60,784/8 gold (22 carat) prices in Hyderabad stand at Rs 56,728/8 grams, while pure gold (24 carat) prices stand at Rs 60,520/8 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 can now subscribe to our ETMarkets WhatsApp channel)
