Gold Price Prediction: Gold prices off Rs 6,500 from peak. Time to buy now?
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How to trade gold?
Gold has support at Rs 92,750-92,200 and resistance at Rs 93,850-94,400
Silver has support at Rs 94,800-94,000 and resistance at Rs 96,000-96,650.
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
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Mirroring the sentiment in the international market, Gold June futures contracts at MCX opened lower on Tuesday at Rs 92965/10 grams, which was down by Rs 332 or 0.36%, while silver July futures were lower at Rs 95,172/kg. This was a fall of Rs 281 or 0.29%.Today's fall in gold prices marks a decline of Rs 6,513 in the metal from its peak of Rs 99,358/10 grams. However, in the last one week, the prices have been highly volatile, but largely remaining flat.Internationally, in early trade on Monday, gold and silver tested higher resistance levels Moody's downgrade of the US credit rating last Friday, but failed to sustain the rally, slipping below $3,320 and $32.20 per ounce as renewed optimism about a potential ceasefire between Russia and Ukraine reduced safe-haven demand.However, on Monday, gold and silver settled on a positive note in the domestic and international markets. Gold June futures contract settled at Rs 93,297 per 10 grams with a gain of 0.93% and silver July futures contract settled at Rs 95,453 per kilogram with a gain of 0.14%.Moody's shows concerns about higher U.S. debts and downgrades its rating from 'Aaa' to 'Aa1'. Safe-haven buying emerged once again in precious metals after U.S. rating downgrades.The dollar index also plunged and tested 100 marks and also supported gold and silver prices. Today, the US Dollar Index, DXY, was hovering near the 100.36 mark, falling 0.07 or 0.07%.'The Russia-Ukraine peace deal hopes amid the U.S. President's efforts to finalise the ceasefire deal between both nations could limit gains of gold and silver,' said Manoj Kumar Jain of Prithvifinmart Commodity Research.'We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and Russia-Ukraine peace deal hopes; gold prices could hold their support level of $3,120 per troy ounce and silver prices could also hold $31.40 per troy ounce levels,' he added.Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:Jain suggests buying silver on dips around Rs 94,800 with a stop loss of Rs 94,150 for a target of Rs 96,100.Meanwhile, with questions mounting around the US economic health, Aksha Kamboj, Vice President of India Bullion and Jewellers Association and Executive Chairperson at Aspect Global Venturesnoted that even positives on the tariff talks front could cap any further downside to gold prices, and any potential dip could be used as a buying opportunity.Standard gold (22 carat) prices in Delhi stand at Rs 57,736/8 grams while pure gold (24 carat) prices stand at Rs 61,592/8 grams.Standard gold (22 carat) prices in Mumbai stand at Rs 56,832/8 grams while pure gold (24 carat) prices stand at Rs 60,576/8 grams.Standard gold (22 carat) prices in Chennai stand at Rs 56,728/8 grams while pure gold (24 carat) prices stand at Rs 60,464/8 grams.Standard gold (22 carat) prices in Hyderabad stand at Rs 56,808/8 grams while pure gold (24 carat) prices stand at Rs 60,504/8 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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