Supported by safe-haven buying, silver July futures contracts also opened slightly higher by Rs 164 or 0.17% at Rs 97,179/kg.
On Friday, gold and silver settled on a weaker note in the domestic and international markets. Gold August futures contract settled at Rs 95,875 per 10 grams with a loss of 0.61%, and silver July futures contract settled at Rs 7,015 per kilogram with a loss of 0.83%.
Gold and silver showed very high price volatility and plunged last week amid a rebound in the dollar index and the U.S. President Trump’s statements on China, trade tariffs and the Russia-Ukraine war. The dollar index rebounded from 1-month lows last week and pushed gold and silver prices lower.
Today, the US Dollar Index, DXY, was hovering near the 99.31 mark, falling 0.02 or 0.02%.
U.S. President Trump said in his tweet that China is violating trade agreements and also issued a threat to the Russian President for their aggression against Ukraine. The Federal court order for blocking Trump’s tariff plan was also stayed by a 9-judge bench, which also pressured precious metal prices.“Investors and traders are also looking cautious amid global uncertainties and ahead of the U.S. Fed Chairman’s speech on Monday,” 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, geo-political tensions and ahead of the U.S. Fed Chairman’s speech; gold prices could hold its support level of $3,180 per troy ounce and silver prices could also hold $31.80 per troy ounce levels on a weekly closing basis this week,” he added.
How to trade gold?
Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:
- Gold has support at Rs 95,440-95,100 and resistance at Rs 96,250-96,660
- Silver has support at Rs 96,350-95,500 and resistance at Rs 97,800-98,450
Jain cautioned that he expects very high price volatility in gold and silver in today’s session ahead of the Fed Chairman’s speech.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,112/8 grams while pure gold (24 carat) prices stand at Rs 60,840/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,880/8 grams while pure gold (24 carat) prices stand at Rs 61,728/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 57,032/8 grams while pure gold (24 carat) prices stand at Rs 60,800/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,816/8 grams while pure gold (24 carat) prices stand at Rs 60,608/8 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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