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Time of India
9 hours ago
- Business
- Time of India
Gold prices near 1-week low at 96,549/10 grams amid tariff war. Should you buy the dip?
Gold August futures contracts at MCX opened flat, near their 1-week low, at Rs 96,549/ 10 grams on Thursday, which was slightly up by Rs 88 or 0.09%. The prices were supported by a slight retreat in the dollar and bond yields, while investors kept a close tab on trade negotiations as U.S. President Donald Trump broadened his tariff war. Meanwhile, silver September futures contracts opened higher by Rs 218 or 0.2% at Rs 1,07,483/kg. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo 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. Live Events '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)
Time of India
a day ago
- Business
- Time of India
Gold rate today: Gold prices down Rs 3,200 per 10 grams in 15 days - how should you trade the yellow metal?
Gold and silver prices are expected to remain volatile this week. (AI image) Gold rate today : Precious metals have seen a decline as Gold August futures on MCX traded at Rs 96,168 per 10 grams, showing a decrease of Rs 304 or 0.32%. Gold prices have witnessed a reduction of Rs 3,200 in the last 15 days. Silver September futures began trading marginally lower, declining by Rs 85 or 0.08% to Rs 1,07,900/kg. The white metal's prices have remained relatively stable over the past two weeks, showing a minimal decrease of Rs 70. On Tuesday, both precious metals closed lower in domestic and international markets. Gold August futures settled at Rs 96,472 per 10 grams, registering a decline of 0.82%, whilst silver September futures ended at Rs 1,07,985 per kilogram, showing a decrease of 0.31%. The volatile trading session saw significant declines in both metals as traders reduced their positions before the FOMC meeting minutes and concerns regarding Trump tariffs. Investors chose to close their long positions ahead of the Federal Reserve's June meeting minutes. The US President implemented a 25% trade tariff affecting Japan and South Korea, whilst dispatching correspondence to numerous nations regarding potential trade tariffs without trade agreements. Nevertheless, he prolonged the tariff deadline until August 1 for trade deal negotiations. "Trump's tariff threats supported the dollar index and eased some safe haven buying for precious metals. However, the Chinese central bank's signal for further gold buying and de-dollarization process could continue to support gold prices," said Manoj Kumar Jain of Prithvifinmart Commodity Research, according to an ET report. The US Dollar Index, DXY, demonstrated movement near 97.69, showing an increase of 0.17 or 0.18%. "We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and FOMC meeting minutes, but gold prices could hold their 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. Trading Strategy for Gold and Silver Markets According to Manoj Kumar Jain's analysis quoted in the report, the key trading levels for precious metals on MCX are: For gold trading, watch for support levels at Rs 96,000-95,550, whilst resistance levels are positioned at Rs 96,850-97,200. For silver trading, the support levels are established at Rs 1,07,200-1,06,650, whilst resistance levels are set at Rs 1,08,850-1,09,500. His specific recommendation for silver trading involves initiating purchases near Rs 1,07,400, setting a stop loss at Rs 1,06,650 (closing basis), whilst aiming for targets between Rs 1,08,800-1,09,400. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
a day ago
- Business
- Economic Times
Gold prices fall by Rs 3,200/10 gms in 2 weeks. More downside in sight?
Live Events How to trade gold? Gold has support at Rs 96,000-95,550 and resistance at Rs 96,850-97,200 Silver has support at Rs 1,07,200-1,06,650 and resistance at Rs 1,08,850-1,09,500 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 (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Profit booking was seen in precious metals, with Gold August futures on MCX opening Rs 304 lower at Rs 96,168 per 10 grams, down 0.32%. Over the past two weeks, gold prices have dropped by Rs 3, silver September futures contracts opened on a flat note with a negative bias, down by Rs 85 or 0.08% at Rs 1,07,900/kg. In the last 2 weeks too, the prices of the white metal have remained flat, going down by just Rs Tuesday, gold and silver settled on a weaker note in the domestic and international markets. Gold August futures contract settled at Rs 96,472 per 10 grams with a loss of 0.82% and silver September futures contract settled at Rs 1,07,985 per kilogram with a loss of 0.31%.Gold and silver plunged in a highly volatile session due to long unwinding by traders ahead of the FOMC meeting minutes and Trump tariff fears. Traders booked profits in long positions ahead of the Fed's June meeting U.S. President imposed a 25% trade tariff on Japan and South Korea and also sent letters to dozens of countries to impose trade tariffs if a trade deal is not executed. However, he extended the tariff deadline until 1st August to make a trade deal.'Trump's tariff threats supported the dollar index and eased some safe haven buying for precious metals. However, the Chinese central bank's signal for further gold buying and de-dollarization process could continue to support gold prices,' said Manoj Kumar Jain of Prithvifinmart Commodity the US Dollar Index, DXY, was hovering near the 97.69 mark, gaining 0.17 or 0.18%.'We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and FOMC meeting minutes, but gold prices could hold their 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 Kumar Jain suggested the following ranges for gold and silver on MCX:Jain suggests buying silver on dips around Rs 1,07,400 with a stop loss of Rs 1,06,650 on a closing basis for a target of Rs 1,08,800-1,09, gold (22 carat) prices in Delhi stand at Rs 57,624/8 grams while pure gold (24 carat) prices stand at Rs 61,464/8 gold (22 carat) prices in Mumbai stand at Rs 58,024/8 grams while pure gold (24 carat) prices stand at Rs 61,848/8 gold (22 carat) prices in Chennai stand at Rs 56,968/8 grams while pure gold (24 carat) prices stand at Rs 60,664/8 gold (22 carat) prices in Hyderabad stand at Rs 56,744/8 grams while pure gold (24 carat) prices stand at Rs 60,528/8 grams.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
a day ago
- Business
- Time of India
Gold prices fall by Rs 3,200/10 gms in 2 weeks. More downside in sight?
Profit booking was seen in precious metals, with Gold August futures on MCX opening Rs 304 lower at Rs 96,168 per 10 grams, down 0.32%. Over the past two weeks, gold prices have dropped by Rs 3,200. Meanwhile, silver September futures contracts opened on a flat note with a negative bias, down by Rs 85 or 0.08% at Rs 1,07,900/kg. In the last 2 weeks too, the prices of the white metal have remained flat, going down by just Rs 70. On Tuesday, gold and silver settled on a weaker note in the domestic and international markets. Gold August futures contract settled at Rs 96,472 per 10 grams with a loss of 0.82% and silver September futures contract settled at Rs 1,07,985 per kilogram with a loss of 0.31%. Gold and silver plunged in a highly volatile session due to long unwinding by traders ahead of the FOMC meeting minutes and Trump tariff fears. Traders booked profits in long positions ahead of the Fed's June meeting minutes. The U.S. President imposed a 25% trade tariff on Japan and South Korea and also sent letters to dozens of countries to impose trade tariffs if a trade deal is not executed. However, he extended the tariff deadline until 1st August to make a trade deal. Live Events 'Trump's tariff threats supported the dollar index and eased some safe haven buying for precious metals. However, the Chinese central bank's signal for further gold buying and de-dollarization process could continue to support gold prices,' said Manoj Kumar Jain of Prithvifinmart Commodity Research. Today, the US Dollar Index, DXY, was hovering near the 97.69 mark, gaining 0.17 or 0.18%. 'We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and FOMC meeting minutes, but gold prices could hold their 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 96,000-95,550 and resistance at Rs 96,850-97,200 Silver has support at Rs 1,07,200-1,06,650 and resistance at Rs 1,08,850-1,09,500 Jain suggests buying silver on dips around Rs 1,07,400 with a stop loss of Rs 1,06,650 on a closing basis for a target of Rs 1,08,800-1,09,400. Gold rates in physical markets Gold Price today in Delhi Standard gold (22 carat) prices in Delhi stand at Rs 57,624/8 grams while pure gold (24 carat) prices stand at Rs 61,464/8 grams. Gold Price today in Mumbai Standard gold (22 carat) prices in Mumbai stand at Rs 58,024/8 grams while pure gold (24 carat) prices stand at Rs 61,848/8 grams. Gold Price today in Chennai Standard gold (22 carat) prices in Chennai stand at Rs 56,968/8 grams while pure gold (24 carat) prices stand at Rs 60,664/8 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 60,528/8 grams. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) ETMarkets WhatsApp channel )
Economic Times
2 days ago
- Business
- Economic Times
Gold prices may tumble up to Rs 94,950/10 grams. Should you book profit?
Live Events 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 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 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 (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel With US President Donald Trump imposing fresh tariffs, Gold August futures contracts at MCX opened slightly lower by Rs 151 or 0.16% at Rs 97,119/10 grams after settling positively in the previous trading silver July futures contracts opened slightly higher by Rs 109 or 0.1% at Rs 1,08,430/ 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 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 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 & 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, 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, 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 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 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 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.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
