Silver July futures also remained near their recent highs, opening flat at Rs 1,06,464 per kg today.
On Friday, gold and silver settled on a positive note in the domestic and international markets. Gold August futures contract settled at Rs 1,00,276 per 10 grams with a gain of 1.91% and silver July futures contract settled at Rs 1,06,493 per kilogram with a gain of 0.57%.
Gold and silver prices gained last week amid safe-haven buying due to the Israel-Iran war and weakness in the dollar index. Global equity markets plunged, and crude oil prices surged, and also supported the prices of precious metals.
“Geopolitical tensions are driving gold and silver prices due to safe-haven bid,” said Manoj Kumar Jain of Prithvifinmart Commodity Research. He added that gold prices closed above $3,450 per troy ounce and could test its previous lifetime high once again in the international markets, and silver prices could also follow gold in the upcoming sessions.
“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions, and gold prices could hold their key support level of $3,284 per troy ounce and silver prices could also hold $34.00 per troy ounce levels on a weekly closing basis,” Jain added.Rahul Kalantri, VP Commodities at Mehta Equities, echoed a similar sentiment.“With global equities under pressure and crude oil surging, precious metals gained support. Gold may retest its lifetime high soon, and silver is expected to track its movement. A depreciating rupee could further boost domestic bullion prices,” Kalantri said.
Today, the US Dollar Index, DXY, was hovering near the 98.28 mark, gaining 0.10 or 0.10%.
How to trade gold?
Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:
- Gold has support at Rs 99,650-99,100 and resistance at Rs 1,01,100-1,01,800
- Silver has support at Rs 1,05,800-1,05,000 and resistance at Rs 1,07,200-1,08,000
Jain suggests avoiding short selling in gold and silver until any ceasefire news from the Israel-Iran war. The buying range for gold is Rs 99,600-99,100, while the resistance for profit booking is Rs 1,01,100-1,01,800.
Meanwhile, for silver, the buying range is Rs 1,05,000-1,04,000 while the resistance for profit booking is Rs 1,07,200-1,08,000.
He advised the market participants to trade cautiously and according to the given levels.
Rahul Kalantri noted that gold has support at Rs 99,620-99,390 while resistance is at Rs 1,00,650-1,00,940, while silver has support at Rs 1,05,550-1,04,750 and resistance is at Rs 1,06,300-1,06,950.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,768/8 grams while pure gold (24 carat) prices stand at Rs 61,624/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 56,648/8 grams while pure gold (24 carat) prices stand at Rs 60,432/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,896/8 grams while pure gold (24 carat) prices stand at Rs 60,704/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,976/8 grams while pure gold (24 carat) prices stand at Rs 60,672/8 grams.
Also read: Gold price above Rs 1 lakh. Will Quant MF prediction come true?
(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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