Gold prices rise to Rs 98,260/10g, silver hits Rs 1.05 lakh/kg. Analysts predict more upside
After a surge of Rs 2,450 in this week alone,
gold prices
edged higher on Friday, on track for weekly gains, with August futures on the MCX opening at Rs 98,260 per 10 grams, up Rs 386 or 0.39%.
Meanwhile, silver July contracts touched their new all-time high of Rs 1,05,456/kg, up by 0.96% or Rs 1,013.
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The rise in bullion came as a series of weak U.S. economic indicators overshadowed optimism from President Donald Trump's conversation with Chinese President Xi Jinping, while markets awaited the release of U.S. payroll data.
After underperforming against gold, silver has suddenly attracted interest from investors, catching up to Gold's pace. U.S. President Donald Trump and Chinese leader Xi Jinping agreed to further talks to settle trade disputes.
Additionally, the gold/silver ratio reversed from the recent highs and marked a low of 94 in yesterday's session.
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Trump and Xi engaged in a rare leader-to-leader call on Thursday, addressing escalating trade tensions and disputes over critical minerals, though key issues remain unresolved.
'Focus today shifts to US non-farm payroll and Unemployment rate, which could decide further direction for both metals,' noted Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal.
Today, the US Dollar Index, DXY, was hovering near the 98.78 mark, gaining 0.04 or 0.04%.
How to trade gold?
Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said, 'Going forward, gold is expected to trade in a positive range between Rs 97,000 and Rs 99,500, with sentiment hinging on upcoming U.S. economic data and geopolitical developments.'
Further, Rahul Kalantri, VP Commodities at Mehta Equities, noted that at MCX, gold has support at Rs 97,420-96,990 while resistance is at Rs 98,350-98,640. Meanwhile, silver has support at Rs 1,03,560-1,02,750 while resistance is at Rs 1,05,850-1,06,750.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,600/8 grams while pure gold (24 carat) prices stand at Rs 61,440/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 56,680/8 grams while pure gold (24 carat) prices stand at Rs 60,448/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 57,024/8 grams while pure gold (24 carat) prices stand at Rs 60,776/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,984/8 grams while pure gold (24 carat) prices stand at Rs 60,688/8 grams.
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: 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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