3 days ago
Gold prices rise to Rs 98,260/10g, silver hits Rs 1.05 lakh/kg. Analysts predict more upside
Gold prices climbed to Rs 98,260 per 10 grams on the MCX, gaining Rs 2,450 this week, while silver hit an all-time high of Rs 1,05,456/kg. Analysts expect further upside as weak U.S. data and geopolitical tensions support safe-haven demand. Focus now shifts to U.S. payroll data. Experts see gold trading between Rs 97,000–Rs 99,500 and silver between Rs 1,02,750–Rs 1,06,750.
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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, 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 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 the gold/silver ratio reversed from the recent highs and marked a low of 94 in yesterday's 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 the US Dollar Index, DXY, was hovering near the 98.78 mark, gaining 0.04 or 0.04%.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, 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 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 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 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.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
