Meanwhile, silver July futures contracts opened slightly higher by Rs 109 or 0.1% at Rs 1,08,430/kg.
On Monday, gold and silver settled on a slightly weaker note in the international market while settling on a mixed note in the domestic market. Gold August futures contract settled at Rs 97,270 per 10 grams with a gain of 0.29% while silver September futures contract settled at Rs 1,08,321 per kilogram with a loss of 0.10%.
Gold and silver started the week on a weaker note amid improved risk appetite after upbeat U.S. job data released last week and Israel-Hamas ceasefire talks. The dollar index also recovered from 3-1/2 year lows and pushed gold and silver prices lower.
Today, the US Dollar Index, DXY, was hovering near the 97.36 mark, falling 0.12 or 0.13%.
Manoj Kumar Jain of Prithvifinmart Commodity Research noted that the U.S. President’s threat to the BRICS nations for imposing an additional 10% trade tariffs and announcement of 25% trade tariffs on Japan and South Korea supported prices of precious metals.The rupee plunged against the U.S. dollar and also supported prices of gold and silver in the domestic markets.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and deadline of the U.S. trade deals and gold prices could hold its support level of $3,240 per troy ounce and silver prices could also hold $35.40 per troy ounce levels on a weekly closing basis,” he added.
“Gold could remain volatile ahead of expected announcements from the US regarding tariff policies with major trading partners. Additionally, the Fed meeting minutes scheduled for tomorrow could act as a major trigger, adding to price volatility throughout the week,” said Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies.
How to trade gold?
Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:
- Gold has support at Rs 96,6650-96,300 and resistance at Rs 97,770-98,080
- Silver has support at Rs 1,07,400-1,06,650 and resistance at Rs 1,09,200-1,10,000
Jain suggests buying silver on dips around Rs 1,07,600 with a stop loss of Rs 1,06,650 on a closing basis for a target of Rs 1,09,500.
Meanwhile, on a technical basis, Neha Qureshi noted that upside resistance for gold is seen at Rs 97,817 — a breakout above this level could trigger a fresh uptrend. Further, a failure to sustain the above resistance may lead to sideways to downward movement towards Rs 96,200–95,380–94,950.
Gold rates in physical markets
Gold Price today in Delhi
Standard 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 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,704/8 grams while pure gold (24 carat) prices stand at Rs 61,520/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,888/8 grams while pure gold (24 carat) prices stand at Rs 60,680/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,928/8 grams while pure gold (24 carat) prices stand at Rs 60,712/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
