Gold and silver closed on a mixed note in the domestic and international markets on Friday. The October gold futures contract closed at Rs 69,895 per 10 grams, up 0.27 per cent, while the September silver futures contract closed at Rs 80,543 per kilogram, down 0.09 per cent.
Gold and silver closed mixed in international markets amid mixed global cues and a steady dollar index and US bond yields. US jobless claims declined in the past week and global equity markets also rebounded amid profit-taking in the Japanese yen and limited gains in precious metals.
However, rising tensions in the Middle East amid Iran’s threat to retaliate against Israel are supporting safe-haven buying of gold and silver.
Today, the US Dollar Index, DXY, was hovering around the 103.22 mark, down 1.20 or 0.15%. “Gold and silver are also holding their key support levels amid very high volatility in global currency markets and chances of further rate cuts by the US Federal Reserve to ease recession fears in the US. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions,” said Manoj Kumar Jain of Prithvifinmart Commodity Research. Ranges for Gold and Silver by Manoj Kumar Jain:
- On MCX, gold has support at 69,700-69,440 and resistance at 70,220-70,500
- Silver has support at 80,000-79,450 and resistance at 81,100-81,850.
“We suggest buying gold on dips around 69,700 with a stop loss of 69,440 for target of 70,220 and also suggest buying silver around 79,850 with a stop loss of 79,300 for target of 81,100,” Jain added.
(Disclaimer: The recommendations, suggestions, views and opinions of the experts are their own and do not represent the views of Economic Times)
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