Gold prices rose 0.55% or Rs 424 from the previous close, while silver prices rose 2.7% or Rs 2,600.
On Friday, gold and silver closed on a positive note in the national and international markets. The December gold futures contract settled at Rs 77,749 per 10 grams with a gain of 0.82% and the December silver futures contract settled at Rs 95,402 per kilogram with a gain of 3.99%.
Gold and silver showed solid strength in the last week after the ECB cut interest rates at its monetary policy meetings. Gold prices surpassed $2,700 per troy ounce and hit all-time highs and silver prices also hit a 12-year high in international markets.
Gold and silver also rose on hopes that the Federal Reserve will cut rates at its November policy meeting following mixed U.S. economic data. Chinese economic data released on Friday was also better than expected and capped the dollar index’s gains and also supported precious metals.
Today, the US Dollar Index, DXY, was hovering around the 100.94 mark, gaining 10.03 or 0.03%. The dollar index fell from nearly 3-month highs. Rising tensions in the Middle East and uncertainty over the US presidential election are also boosting gold and silver in international markets. “We expect gold and silver prices to remain positive this week amid volatility in the dollar index and geopolitical tensions and gold and silver could maintain levels of $2,664 and $31.40 per troy ounce, respectively. , at the weekly close,” said Manoj Kumar Jain of Prithvi Finmart Research.
Manoj Kumar Jain’s gold and silver ranges:
- On MCX, gold has support at Rs 77,240-76,800 and resistance at Rs 78,220-78,700.
- Silver has support at Rs 94,400-93,350 and resistance at Rs 96,650-98,000.
“We suggest buying gold above 77,700 with a stop loss of 77,240 for the target of 78,500 and also suggest buying silver above 95,500 with a stop loss of 94,400 for the target of 98,000,” Jain added.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
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