Gold prices trade firm as tariff uncertainty supports safe-haven demand. Check what analysts predict
October futures prices at MCX on Thursday were trading firm at Rs 1,00,253/10 grams, up by merely Rs 688 or 0.07%, sustaining above the Rs 1 lakh mark as US tariff uncertainty supports safe haven buying in bullion.
Meanwhile, silver July September contracts were trading slightly lower at Rs 1,14,949/kg, down by Rs 80 or 0.07%.
On Wednesday, gold and silver settled on a positive note in the domestic and international markets. Gold October futures contract settled at Rs 1,00,185 per 10 grams with a gain of 0.03% and silver September futures contract settled at Rs 1,15,029 per kilogram with a gain of 1.14%.
Gold and silver traded on a positive note post U.S. inflation data. Both precious metals gained in the international markets amid weakness in the dollar index and the U.S. 10-year bond yields, amid a very high probability of the Fed rate cuts in the September policy meetings.
Today, the US Dollar Index, DXY, was hovering near the 97.74 mark, falling 0.11 or 0.11%.
The U.S. job markets are under stress as per the July job data, and inflation is also not at problematic levels.
'The market is expecting monetary easing by the U.S. Fed from September policy meetings and followed in December,' said Manoj Kumar Jain of Prithvifinmart Commodity Research.
'We expect gold and silver prices to remain volatile this week amid U.S. tariff uncertainty, key U.S. economic data release and meeting of U.S. and Russian President's later this week and gold is expected to trade in the range of $3,340-3,540 per troy ounce and silver is expected to trade in the range of $36.80-40.00 per troy ounce this week,' he added.
How to trade gold?
Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:
Gold
has support at Rs 99,900-99,475 and resistance at Rs 1,00,555-1,01,100
Silver
has support at Rs 1,14,400-1,13,650 and resistance at Rs 1,15,800-1,16,650
Jain suggests buying gold around Rs 1,00,100-99,850 with a stop loss of Rs 99,475 for a target of Rs 1,00,555-1,01,100. Further, he suggests buying silver on dips around Rs 1,14,000 with a stop loss of Rs 1,12,800 for a target of Rs 1,16,000.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,984/8 grams, while pure gold (24 carat) prices stand at Rs 61,840/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,520/8 grams, while pure gold (24 carat) prices stand at Rs 61,304/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,624/8 grams, while pure gold (24 carat) prices stand at Rs 60,392/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,224/8 grams, while pure gold (24 carat) prices stand at Rs 60,992/8 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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