Golden October Futures Prices open higher with RS 539 or 0.5% on RS 1.09.520/10 grams on the MCX in Friday’s session, supported by expectations of an American federal reserve rate that will leave next week.
In the meantime, Silver December Futures reached a lifelong height of RS 1.28.294/kg, with almost 1%.
Gold prices on the international markets rose on Friday and went on the way to a fourth consecutive weekly profit, because the fear of a weakening American labor market overshadowed the inflation problems prior to an expected federal reserve rate that will leave next week.
Spot gold rose by 0.4% to $ 3,647.76 per ounce from 0211 GMT. Bullion won 1.7%this week so far. In the meantime, the American Golden Futures for the delivery of December rose by 0.4% to $ 3,686.50.
On Thursday, Gold and Silver settled on a mixed note in the domestic and international markets. Gold October Futures contract decided RS 1.08.981 per 10 grams with a loss of 0.005%, while the silver December Future contract established itself at RS 1.26.938 per kilogram with a profit of 1.40%.
Gold and silver traded stable for the FOMC monetary policy meetings next week. The American inflation data were largely according to the expectations of the market and endorsing September reductions.
The American CPI came to 0.4%against the expectations of 0.3%in August, but was well above the 0.2%reading in July. CPI on an annual basis came at 2.9% against the 2.7% reading in July. The American unemployment claims rose again and were registered at 2.63,000 against the expectations of 2.35,000.
The FED is generally expected to lower its most important interest rate with 25 basic points on Wednesday, with a slim possibility of a reduction of 50 basic point, according to the CME Fedwatch tool.
Non-return precious metal, often considered a hedge against inflation and economic uncertainties, tends to perform well in an environment with low interest rates.
“Disappointing job market can encourage the American FED to reduce a rate in the policy meetings of next week, but higher inflation is a concern for the American Fed. The American 10-year bond return slid for the first time since May 2025 under 4.0% and was also able to support the gold and silver prices,” said Manoj Kajk.
Nowadays the US dollar index, DXY, was hovering near the 97.65 points and won 0.12 or 0.12%.
“We expect that gold and silver prices will remain volatile in today’s session in the midst of volatility in the dollar index and geopolitical tensions, and it is expected that gold will trade the range of $ 3,622-3,717 per troy ounce and silver in the range of $ 41.40-42.80.
How to exchange gold?
Manoj Kumar Jain presented the following series for gold and silver on MCX:
Gold has support on RS 1.08.550-1.08,000 and resistance on RS 1.09.380-1.09,800.
Silver has support on RS 1.26,000-1.24,800 and resistance on RS 1.28,000-1.29.200.
Jain proposes to buy silver on Dips around RS 1.26,000 with a stop loss of RS 1,24,800 for a target of RS 1,27,400-1,28,200.
Gold rates in physical markets
Golden Prize today in Delhi
Standard gold (22 carat) prices in Delhi are on RS 57,392/8 grams, while pure gold (24 carat) prices on RS 61.144/8 grams.
Golden Prize today in Mumbai
Standard gold (22 carat) prices in Mumbai are on RS 56,952/8 grams, while pure gold (24 carat) prices on RS 60,744/8 grams.
Golden Prize today in Chennai
Standard gold (22 carat) prices in Chennai are on RS 56,776/8 grams, while pure gold (24 carat) prices on RS 60,568/8 grams.
Gold price today in Hyderabad
Standard gold (22 carat) Prices in Hyderabad are on RS 56,904/8 grams, while pure gold (24 carat) prices on RS 60,680/8 grams.
(Disclaimer: recommendations, suggestions, views and opinions of the experts are their own. These do not represent the views of economic times)
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