Gold and silver prices have risen slightly so far this week. The former gained Rs 400/10 grams, while the latter gained Rs 430/kg.
On Wednesday, gold and silver closed on a positive note in the domestic market but ended on a mixed note in the international markets. The December gold futures contract settled at Rs 76,390 per 10 grams with a gain of 1.03% and the December silver futures contract settled at Rs 91,375 per kilogram with a gain of 0.72%.
Gold and silver showed very high price volatility amid the Middle East crisis and the strength of the dollar index. Gold prices hit an all-time high this week but failed to sustain the gains after upbeat US non-farm payrolls data from ADP. The US private sector created 1,43,000 jobs last month, up from expectations of 1,24,000.
The strong labor market and rising tensions in the Middle East are supporting the dollar index and driving down gold prices.
Today, the US Dollar Index, DXY, was hovering around the 101.78 mark, gaining 0.10 or 0.10%. “However, silver extended its gains and inched closer to $32 per troy ounce levels following falling European inflation data and the strength of the Chinese dollar. stock markets. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, geopolitical tensions and ahead of US jobs data, but are expected to maintain their support level of $2,600 and $30.40 per troy ounce respectively at the weekly close. base,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Manoj Kumar Jain’s gold and silver ranges:
- On MCX, gold has support at Rs 76,040-75,800 and resistance at Rs 76,720-77,000.
- Silver has support at Rs 90,800-90,220 and resistance at Rs 92,100-92,800.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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