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%.
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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)
