In the last one week, gold prices have increased by Rs 300/10 g, while silver prices have increased by Rs 2,360/kg.
On Friday, gold and silver closed on a mixed note in the domestic market and a slightly weaker note in the international markets. The December gold futures contract settled at Rs 76,143 per 10 grams with a loss of 0.13%, while the December silver futures contract settled at Rs 93,349 per kilogram with a gain of 0.40%. .
Gold and silver showed very high price volatility last week amid the Middle East crisis and the strength of the dollar index.
Rising tensions in the Middle East supported safe-haven buying of precious metals. Gold prices hit record highs and silver prices also hit 12-year highs in international markets, but the strength of the dollar index and US 10-year bond yields cap the precious metals’ gains.
The dollar index and US 10-year bond yields hit 2-month highs after strong US nonfarm payrolls data. Today, the US dollar index, DXY, was hovering around the 102.51 mark , falling 0.01 or 0.01%. Silver prices also fell from their highs amid crude oil strength could ease aggressive interest. rate cut America’s hopes fed. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions and are expected to maintain their support level of $2,600 and $30.88 per troy ounce respectively. weekly close,” Manoj Kumar Jain said. by Prithvifinmart Commodity Research.
Manoj Kumar Jain’s gold and silver ranges:
- On MCX, gold has support at Rs 75,850-75,600 and resistance at Rs 76,500-76,740.
- Silver has support at Rs 92,500-91,800 and resistance at Rs 94,200-95,100.
“We suggest buying gold on dips around 75850 with a stop loss of 75500 for the target of 76400 and also suggest buying silver around 92800 with a stop loss of 91950 for the target of 95000,” Jain added.
(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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