Additionally, silver September contracts were also resilient, trading at Rs 1,14,900/kg, up by Rs 614 or 0.54%.
On Thursday, gold and silver settled on a positive note in the domestic and international markets. Gold October futures contract settled at Rs 1,01,468 per 10 grams with a gain of 0.20%, and the silver September futures contract settled at Rs 1,14,286 per kilogram with a gain of 0.56%.
Analysts believe that the rally in precious metals is supported by safe-haven buying and global uncertainty.
Gold and silver have gained amid US trade tariff uncertainty and safe-haven buying by global central banks. The People’s Bank of China increased its gold reserves for the ninth consecutive month in July.
Further, as per Bloomberg reports, global central banks’ holdings increased to 73.96 million ounces in July.“Gold crossed its resistance level of $3,454 per troy ounce, and if prices sustain above these levels, could show further strength towards $3,509–3,540 per troy ounce in the upcoming sessions. Silver has also crossed its resistance level of $38.10 per troy ounce, and if prices sustain above these levels, could extend its gains towards $38.80–39.40 per troy ounce in the upcoming sessions,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Today, the US Dollar Index, DXY, was hovering near the 98.11 mark, falling 0.29 or 0.29%.
“We expect gold and silver prices to remain volatile in today’s session amid US tariff uncertainty and volatility in the dollar index, and gold is expected to trade in the range of $3,410–3,540 per troy ounce, and silver is also expected to trade in the range of $37.70–39.10 per troy ounce in today’s session,” he added.
“The overall tone remains positive, with both metals set to mark a second straight week of gains amid heightened trade uncertainty and expectations of a softer Fed approach,” added Rahul Kalantri, VP – Commodities at Mehta Equities.
How to trade gold?
Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:
Gold has support at Rs 1,01,000-1,00,475 and resistance at Rs 1,02,200-1,03,500
Silver has support at Rs 1,13,400-1,12,750 and resistance at Rs 1,15,500-1,16,650
Jain suggests buying silver above 1,14,000 with a stop loss of 1,12,800 for a target of 1,15,500–1,16,650. Gold is also expected to test 1,03,000 in today’s session.
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,264/8 grams, while pure gold (24 carat) prices stand at Rs 62,112/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 58,032/8 grams, while pure gold (24 carat) prices stand at Rs 61,832/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,880/8 grams, while pure gold (24 carat) prices stand at Rs 60,624/8 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 60,968/8 grams.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
