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Economic Times
3 days ago
- Business
- Economic Times
Gold prices rally by Rs 2,400/10 grams in August so far, analysts predict further upside
Gold October futures prices at MCX have surged impressively by Rs 2,430 per 10 grams so far in August. However, they retreated slightly from their high today to trade at Rs 1,01,052 per 10 grams, down Rs 746 or 0.73% in intraday trade. ADVERTISEMENT Similarly, silver September contracts witnessed slight profit booking, trading lower by Rs 390 or 0.34% at Rs 1,14,491 per kg. On Friday, gold and silver settled on a positive note in both domestic and international markets. Gold October futures settled at Rs 1,01,798 per 10 grams with a gain of 0.33%, while silver September futures settled at Rs 1,14,881 per kg with a gain of 0.52%. However, prices slipped below $3,380 per ounce on Monday morning after news broke that US President Donald Trump will meet Russian President Vladimir Putin on August 15 in Alaska to discuss the Ukraine conflict, reducing safe-haven demand. Gold and silver extended their gains last week amid US trade tariff uncertainty and profit-taking in the dollar index. Gold prices hit a lifetime high in the international markets and closed at record levels, while silver crossed the $38.50 per troy ounce mark. Safe-haven buying by global central banks and ongoing geopolitical uncertainty continue to support bullion prices. 'Gold crossed its resistance level of $3,454 per troy ounce, and if prices sustain above these levels, they could strengthen further toward $3,509–3,540 per troy ounce in upcoming sessions,' said Manoj Kumar Jain of Prithvi Finmart Commodity Research. ADVERTISEMENT Today, the US Dollar Index (DXY) hovered near 98.05, down 0.13 points or 0.13%. Unlock 500+ Stock Recos on App 'We expect gold and silver prices to remain volatile this week amid US tariff uncertainty and fluctuations in the dollar index. Gold is expected to trade in the range of $3,410–3,540 per troy ounce, while silver may trade between $36.80 -40.00 per troy ounce,' he added. ADVERTISEMENT Gold has support at Rs 1,01,000-1,00,575 and resistance at Rs 1,02,220-1,02,850 has support at Rs 1,01,000-1,00,575 and resistance at Rs 1,02,220-1,02,850 Silver has support at Rs 1,13,650-1,12,800 and resistance at Rs 1,15,500-1,16,650 Jain 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. ADVERTISEMENT Standard gold (22 carat) prices in Delhi stand at Rs 57,672/8 grams while pure gold (24 carat) prices stand at Rs 61,456/8 grams. ADVERTISEMENT Standard gold (22 carat) prices in Mumbai stand at Rs 57,600/8 grams while pure gold (24 carat) prices stand at Rs 61,456/8 gold (22 carat) prices in Chennai stand at Rs 57,000/8 grams while pure gold (24 carat) prices stand at Rs 60,736/8 gold (22 carat) prices in Hyderabad stand at Rs 57,096/8 grams while pure gold (24 carat) prices stand at Rs 60,888/8 grams. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
3 days ago
- Business
- Time of India
Gold prices rally by Rs 2,400/10 grams in August so far, analysts predict further upside
Gold October futures prices at MCX have surged impressively by Rs 2,430 per 10 grams so far in August. However, they retreated slightly from their high today to trade at Rs 1,01,052 per 10 grams, down Rs 746 or 0.73% in intraday trade. Similarly, silver September contracts witnessed slight profit booking, trading lower by Rs 390 or 0.34% at Rs 1,14,491 per kg. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mix 3 Kitchen Ingredients, Wake Up Thinner Every Morning Get Fit Today Click Here Undo On Friday, gold and silver settled on a positive note in both domestic and international markets. Gold October futures settled at Rs 1,01,798 per 10 grams with a gain of 0.33%, while silver September futures settled at Rs 1,14,881 per kg with a gain of 0.52%. However, prices slipped below $3,380 per ounce on Monday morning after news broke that US President Donald Trump will meet Russian President Vladimir Putin on August 15 in Alaska to discuss the Ukraine conflict, reducing safe-haven demand. Gold and silver extended their gains last week amid US trade tariff uncertainty and profit-taking in the dollar index. Gold prices hit a lifetime high in the international markets and closed at record levels, while silver crossed the $38.50 per troy ounce mark. Safe-haven buying by global central banks and ongoing geopolitical uncertainty continue to support bullion prices. Live Events 'Gold crossed its resistance level of $3,454 per troy ounce, and if prices sustain above these levels, they could strengthen further toward $3,509–3,540 per troy ounce in upcoming sessions,' said Manoj Kumar Jain of Prithvi Finmart Commodity Research. Today, the US Dollar Index (DXY) hovered near 98.05, down 0.13 points or 0.13%. 'We expect gold and silver prices to remain volatile this week amid US tariff uncertainty and fluctuations in the dollar index. Gold is expected to trade in the range of $3,410–3,540 per troy ounce, while silver may trade between $36.80 -40.00 per troy ounce,' he added. How to trade gold? Manoj Kumar Jain suggested the following ranges for gold and silver on MCX: Gold has support at Rs 1,01,000-1,00,575 and resistance at Rs 1,02,220-1,02,850 Silver has support at Rs 1,13,650-1,12,800 and resistance at Rs 1,15,500-1,16,650 Jain 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 57,672/8 grams while pure gold (24 carat) prices stand at Rs 61,456/8 grams. Gold price today in Mumbai Standard gold (22 carat) prices in Mumbai stand at Rs 57,600/8 grams while pure gold (24 carat) prices stand at Rs 61,456/8 grams. Gold price today in Chennai Standard gold (22 carat) prices in Chennai stand at Rs 57,000/8 grams while pure gold (24 carat) prices stand at Rs 60,736/8 grams. Gold price today in Hyderabad Standard gold (22 carat) prices in Hyderabad stand at Rs 57,096/8 grams while pure gold (24 carat) prices stand at Rs 60,888/8 grams. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
27-06-2025
- Business
- Time of India
Gold Price Outlook: Yellow metal tumbles over Rs 1,000 as global equities rebound
After a surge backed by a weak US dollar, gold August futures contracts at MCX opened significantly lower on Friday as easing geopolitical tensions and a recovery in global equities weighed on the demand for yellow metal. The prices of gold today fell by Rs 1,051 or 1.08% to Rs 96,036/10 grams on the MCX. Meanwhile, silver July futures contracts also opened lower by Rs 555 or 0.52% at Rs 1,06,200/kg. On Thursday, gold and silver settled on a mixed note in the domestic market and on a positive note in the international markets. Gold August futures contract settled at Rs 97,087 per 10 grams with a loss of 0.28% and silver July futures contract settled at Rs 1,06,755 per kilogram with a gain of 0.73%. Gold and silver showed very high price volatility and extended its gains in the international markets amid weakness in the dollar index. The dollar index slipped to 3-1/2 year lows and supported prices of gold and silver. Today, the US Dollar Index, DXY, was hovering near the 97.27 mark, gaining 0.12 or 0.12%. Meanwhile, the US GDP contracted 0.5% in the first quarter against the expected contraction of 0.2% and also supported prices of precious metals. 'De-escalation in the Middle East and rebound in the global equity markets are limiting gains for precious metals,' noted Manoj Kumar Jain of Prithvi Finmart Commodity Research. 'We expect gold and silver prices to remain volatile in today's session amid volatility in the dollar index and geopolitical tensions, but gold prices could hold its support level of $3,284 per troy ounce and silver prices could also hold $35.50 per troy ounce levels on a weekly closing basis,' he added. How to trade gold? Manoj Kumar Jain suggested the following ranges for gold and silver on MCX: Gold has support at Rs 96,600-96,100 and resistance at Rs 97,500-97,920 Silver has support at Rs 1,05,800-1,05,000 and resistance at Rs 1,07,400-1,08,200 Jain suggests buying silver on dips around Rs 1,05,800 with a stop loss of Rs 1,05,150 for a target of Rs 1,07,000. Gold rates in physical markets Gold Price today in Delhi Standard gold (22 carat) prices in Delhi stand at Rs 57,824/8 grams while pure gold (24 carat) prices stand at Rs 61,672/8 grams. Gold Price today in Mumbai Standard gold (22 carat) prices in Mumbai stand at Rs 57,376/8 grams while pure gold (24 carat) prices stand at Rs 61,168/8 grams. Gold Price today in Chennai Standard gold (22 carat) prices in Chennai stand at Rs 56,816/8 grams while pure gold (24 carat) prices stand at Rs 60,504/8 grams. Gold Price today in Hyderabad Standard gold (22 carat) prices in Hyderabad stand at Rs 56,992/8 grams while pure gold (24 carat) prices stand at Rs 60,760/8 grams. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
