Additionally, silver July futures contracts also echoed a similar sentiment, opening slightly higher by Rs 255 or 0.26% at Rs 98,051/kg.
On Thursday, gold and silver settled on a weaker note in the domestic and international markets. Gold June futures contract settled at Rs 95,536 per 10 grams with a loss of 0.07%, and silver July futures contract settled at Rs 97,796 per kilogram with a loss of 0.46%.
Gold and silver showed very high volatility and gained in the early trading session but were unable to hold their gains amid profit taking from higher levels on Thursday, as volatility in the global bond markets and solid gains in Bitcoin gave reason to investors for profit booking in precious metals.
The U.S. 20-year bond auction on Wednesday received lack luster response from investors, and after that, the U.S. 30-year bond yields surpassed 5.0% levels for the first time since October 2023. The Japanese 30-year bond yields also surged to record 3.18% levels on Thursday and increasing uncertainty in the global financial markets.
“Weakness in the global equity and geopolitical tensions could continue to support safe-haven buying for precious metals,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.“We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index, volatility in the global bond markets and middle-east tensions; gold prices could hold its support level of $3,240 per troy ounce and silver prices could also hold $32.40 per troy ounce levels on a closing basis,” he added.Today, the US Dollar Index, DXY, was hovering near the 99.65 mark, falling 0.32 or 0.32%.
How to trade gold?
Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:Gold has support at Rs 95,050-94600 and resistance at Rs 96,000-96,650 Silver has support at Rs 97,000-96,300 and resistance at Rs 98,500-99,300Jain suggests a buy-on-dips strategy for gold and silver amid higher volatility in the global financial markets.
Gold’s trading range for today is Rs 94,600-96,650, and for silver at Rs 96,300-99,300.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,120/8 grams while pure gold (24 carat) prices stand at Rs 60,936/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 56,960/8 grams while pure gold (24 carat) prices stand at Rs 60,696/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,736/8 grams while pure gold (24 carat) prices stand at Rs 60,528/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,744/8 grams while pure gold (24 carat) prices stand at Rs 60,496/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
