Meanwhile, silver December futures on the MCX were trading flat, with a negative bias, at Rs 1,28,765/kg.
On Friday, gold and silver settled on a positive note in the domestic market and international markets. Gold October futures contract settled at Rs 1,09,370 per 10 grams with a gain of 0.36% and silver December futures contract settled at Rs 1,28,838 per kilogram with a gain of 1.50%.
Gold and silver extended their gains last week, and gold prices hit a record high of $3,700 per troy ounce and silver hit a fresh 14-year high amid safe-haven buying and Fed rate cut hopes.
Gold prices surpassed their inflation-adjusted high set on January 21, 1980, when prices topped out $850 per troy ounce, which is equal to $3,590 per troy ounce as of today’s dollar on a spot basis.
“Gold prices are driven by safe-haven demand amid uncertainty due to higher U.S. trade tariffs. Silver prices outperformed gold in the recent past due to robust industrial and investment demand,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Jain noted that the gold-silver ratio (GSR) is at 86, and if it starts sustaining below 85, it could give more power to silver prices in the upcoming sessions.Today, the US Dollar Index, DXY, was hovering near the 97.64 mark, gaining 0.09 or 0.10%.
“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, geopolitical tensions and FOMC meetings. Gold is expected to trade in the range of $3,534-3,800 per troy ounce and silver is expected to trade in the range of $41.40-44.50 per troy ounce this week,” he added.
Echoing the same sentiment, Rahul Kalantri, VP Commodities at Mehta Equities, noted, “Bullion prices continued their upward momentum, with gold and silver advancing in international markets amid safe-haven buying and dollar index profit-taking. Gold touched its highest level in three weeks, while silver reached a five-week peak. Domestically, silver prices posted a historic high, closing above Rs 117,000 for the first time, signalling strong local demand.”
How to trade gold?
Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:
- Gold has support at Rs 1,09,000-1,08,440 and resistance at Rs 1,09,850-1,10,200
- Silver has support at Rs 1,27,700-1,26,650 and resistance at Rs 1,29,500-1,30,300
Jain suggests buying silver on dips around Rs 1,28,000 with a stop loss of Rs 1,26,600 for a target of Rs 1,30,300.
Further, Rahul Kalantri noted that gold has support at Rs 1,01,740-1,01,540 while resistance is at Rs 1,02,450-1,02,650. Silver has support at Rs 1,16,150-1,15,350 while resistance is at Rs 1,17,750, 1,18,250.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,384/8 grams while pure gold (24 carat) prices stand at Rs 62,208/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,256/8 grams while pure gold (24 carat) prices stand at Rs 60,992/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,688/8 grams while pure gold (24 carat) prices stand at Rs 60,440/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,192/8 grams while pure gold (24 carat) prices stand at Rs 60,920/8 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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