Gold prices rise by Rs 700/10 grams as global equity markets remain volatile. What lies ahead?
How to trade gold?
Gold has support at Rs 99,280-98,850 and resistance at Rs 1,00,100-1,00,555
Silver has support at Rs 1,09,400-1,08,650 and resistance at Rs 1,11,100-1,12,200
Gold rates in physical markets
Gold Price today in Delhi
Gold Price today in Mumbai
Gold Price today in Chennai
Gold Price today in Hyderabad
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Weak U.S. jobs data and volatile equity markets drove precious metal prices higher today. Gold October futures on MCX surged by Rs 710, or 0.71%, crossing the 1 lakh mark to trade at Rs 1,00,464 per 10 grams.Meanwhile, silver September futures also rose, gaining Rs 1,285, or 1.17%, to trade at Rs 1,11,543 per kilogram.On Friday, gold and silver settled on a positive note in the domestic and international markets. Gold October futures contract settled at Rs 99,754 per 10 grams with a gain of 1.00% and the silver September futures contract settled at Rs 1,10,258 per kilogram with a gain of 0.26%.Gold and silver showed very high price volatility and recovered from their lows after downbeat U.S. job data. The U.S. non-farm employment for July came at 73,000, much lower than the expected reading of 1,06,000 and also lower than the June reading of 1,47,000.'The U.S. unemployment rate also came up at 4.2% against the expected reading of 4.1%. Downbeat U.S. job data reaffirm safe-haven buying for precious metals,' said Manoj Kumar Jain of Prithvifinmart Commodity Research.The dollar index and the U.S. 10-year bond yields plunged after the U.S. job report and supported gold and silver prices. Today, the US Dollar Index, DXY, was hovering near the 98.91mark, falling 0.23 or 0.24%.'The U.S. tariff uncertainty and very high volatility in the global financial markets could continue to increase volatility in gold and silver,' he added.Jain further added that, 'We expect gold and silver prices to remain volatile this week amid U.S. tariff uncertainty and volatility in the dollar index and gold is expected to trade in the range of $3,330-3,450 per troy ounce and silver is also expected to trade in the range of $35.80-38.40 per troy ounce this week.'Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:Jain suggests buying silver around Rs 1,09,400 with a stop loss of Rs 1,08,000 for a target of Rs 1,12,200.Standard gold (22 carat) prices in Delhi stand at Rs 58,192/8 grams while pure gold (24 carat) prices stand at Rs 62,120/8 grams.Standard gold (22 carat) prices in Mumbai stand at Rs 57,872/8 grams while pure gold (24 carat) prices stand at Rs 61,656/8 grams.Standard gold (22 carat) prices in Chennai stand at Rs 56,728/8 grams while pure gold (24 carat) prices stand at Rs 60,448/8 grams.Standard gold (22 carat) prices in Hyderabad stand at Rs 57,232/8 grams while pure gold (24 carat) prices stand at Rs 61,008/8 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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