On Thursday, gold and silver closed with mixed results in both the domestic and international markets. The December gold futures contract settled at Rs 77,107 per 10 grams with a gain of 0.58%, while the December silver futures contract settled at Rs 91,744 per kilogram with a loss of 0.48%. .
Gold and silver closed on a mixed note after US jobless claims decreased last week to 2,41,000 from 2,60,000 claims previously and retail sales grew over the past month by 0. 4% versus expectations of 0.3% and underlying retail sales also grew 0.5% versus expectations of 0.1%.
The dollar index traded steady at 11-week highs after upbeat US data and capped gains in precious metals. However, the European Central Bank (ECB) cut its main refinancing rate by 25 basis points to 3.40% and supported gold and silver prices.
Today, the US Dollar Index, DXY, was hovering around the 103.71 mark, gaining 0.12 or 0.12%.
“Gold prices reached an all-time high and crossed levels of $2,700 per troy ounce. Israel’s aggression in the Middle East is supporting demand for gold as a safe haven. Uncertainty in the US presidential election is also boosting gold prices. “We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and geopolitical tensions, but gold and silver could maintain levels of $2,655 and $30.80 per troy ounce, respectively, at the weekly close,” said Manoj Kumar Jain of Prithvifinmart. Commodity research.
Manoj Kumar Jain’s gold and silver ranges:
- On MCX, gold has support at Rs 76,850-76,600 and resistance at Rs 77,350-77,550.
- Silver has support at Rs 91,100-90,450 and resistance at Rs 92,400-93,000.
“We suggest buying gold on dips around 76900 with a stop loss of 76600 for the target of 77500 and also suggest buying silver around 91500 with a stop loss of 90800 for the target of 93000,” 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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