Meanwhile, silver September futures contracts opened higher by Rs 218 or 0.2% at Rs 1,07,483/kg.
On Thursday, gold and silver settled on a slightly weaker note in the domestic market and on a mixed note in the international markets. Gold August futures contract settled at Rs 96,461 per 10 grams with a loss of 0.01% and silver September futures contract settled at Rs 1,07,265 per kilogram with a loss of 0.67%.
Gold and silver exhibited very high price volatility and extended their fall in the early trading session, but prices rose off the day’s low as there were no new surprises in the Fed meeting minutes. The U.S. Fed stated that the current labor market is solid, but requires more clarity on the fronts of inflation and economic activity.
Some members also advocated for a rate cut in the next monetary policy meetings.
“Gold prices recovered from their lows amid possible Fed rate cuts, probably from the September policy meetings. Gold prices hold $3,300 per troy ounce levels amid global uncertainty due to U.S. trade tariffs, while silver prices plunged amid weakness in the industrial metals after Trump announced 50% tariffs on the import of copper,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.The US dollar index slipped to about 97.3 on Thursday, extending its losing streak as investors shifted toward riskier assets amid a broad surge in stocks and commodities. Today, the US Dollar Index, DXY, was hovering near the 97.39 mark, falling 0.17 or 0.17%.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and U.S. trade tariff uncertainty but 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.
How to trade gold?
Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:
- Gold has support at Rs 96,100-95,770 and resistance at Rs 96,850-97,200
- Silver has support at Rs 1,06,650-1,06,000 and resistance at Rs 1,07,950-1,08,800
Jain suggests buying gold on dips around Rs 96,200 with a stop loss of Rs 95,770 on a closing basis for a target of Rs 96,900.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,408/8 grams while pure gold (24 carat) prices stand at Rs 61,192/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,992/8 grams while pure gold (24 carat) prices stand at Rs 61,816/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,672/8 grams while pure gold (24 carat) prices stand at Rs 60,416/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,184/8 grams while pure gold (24 carat) prices stand at Rs 60,912/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
