Gold Price Today: Gold prices open slightly higher after sell-off earlier this week, open at Rs 96,120/10 g
Gold June futures contract settled at Rs 95,912 per 10 grams with a gain of 1.26% while silver May futures contract settled at Rs 97,511 per kilogram with a loss of 0.29%.
Gold futures at MCX saw a rise, while silver remained flat following mixed settlements in domestic and international markets. Price volatility remained high, with gold crossing $3,300 per troy ounce due to increased U.S. jobless claims and hints of Chinese economic stimulus. Experts anticipate continued volatility, advising profit booking in gold but suggesting buying silver around Rs 97,000.
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Ranges for gold and silver by Manoj Kumar Jain:
At MCX, gold has support at Rs 95,250-94,400 and resistance at Rs 96,600-97,280.
Silver has support at Rs 96,850-96,200 and resistance at Rs 98,200-99,100.
Gold rates in physical markets
Gold Price today in Delhi
Gold Price today in Mumbai
Gold Price today in Chennai
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Gold Price today in Hyderabad
After a sell-off from the higher levels earlier in the week, Gold June futures contracts at MCX witnessed a surge of Rs 208 or 0.22%, opening at Rs 96,120/10 grams on Friday, while silver May futures contracts opened flat at Rs 97,440/kg, down by merely Rs 71 or 0.07%.On Thursday, gold and silver settled on a mixed note in the domestic and international markets. Gold June futures contract settled at Rs 95,912 per 10 grams with a gain of 1.26% while silver May futures contract settled at Rs 97,511 per kilogram with a loss of 0.29%.Gold and silver showed very high price volatility and gold prices showeda strong pullback on Thursday after Wednesday's sharp sell-off. Gold prices crossed $3,300 per troy ounce levels once again amid investors taking the opportunity to buy at lower levels after a surge in the U.S. jobless claims and a Chinese hint to stimulate its economy.The U.S. jobless claims surged to 2,22,000 against previous claims of 2,15,000 and existing home sales decline to 4.02 million unites against previous sales of 4.27 million units. Downbeat U.S. economic data supported gold prices at lower levels.However, a rebound in the dollar index and hopes of US-China talks on trade tariffs could limit gains. Today, the US Dollar Index, DXY, was hovering near the 99.59 mark, gaining 0.8 or 0.08%.'We expect gold and silver prices to remain volatile in today's session amid volatility in the dollar index and the US-China trade war; gold prices could hold its support level of $3,200 and silver prices could also hold $29.88 per troy ounce levels,' said Manoj Kumar Jain of Prithvifinmart Commodity Research.Jain suggests booking profits in long positions of gold, but silver can be bought around Rs 97,000 with a stop loss of Rs 96,400 for a target of Rs 98,200.Standard gold (22 carat) prices in Delhi stand at Rs 57,960/8 grams while pure gold (24 carat) prices stand at Rs 61,768/8 grams.Standard gold (22 carat) prices in Mumbai stand at Rs 56,984/8 grams while pure gold (24 carat) prices stand at Rs 60,752/8 grams.Standard gold (22 carat) prices in Chennai stand at Rs 56,768/8 grams while pure gold (24 carat) prices stand at Rs 60,536/8 grams.Standard gold (22 carat) prices in Hyderabad stand at Rs 56,832/8 grams while pure gold (24 carat) prices stand at Rs 60,576/8 grams.: 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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