Silver December Futures contracts to MCX are open today at RS 1.36.725/kg, lower with RS 331 or 0.24%.
On the international market, gold prices fell on Friday after a stronger than expected US economic data that had doubts about the prospects of the Federal Reserve, strengthening the dollar for an important American inflation report that is due later in the day.
Spot Gold fell 0.2% to $ 3,741.21 per ounce from 0147 GMT, although the metal this week had risen 1.6% so far.
On Thursday, Gold and Silver settled on a positive memorandum in the domestic and international markets. Gold October Futures Contract decided RS 1.12.629 per 10 grams with a profit of 0.07% and Silver December Futures Contract settled at RS 1.37.056 per kilogram with a profit of 2.28%.
Gold and silver show a very high price volatility and again won despite an upward revision in the American second quarter of GDP to 3.8% and strength in the dollar index. The American unemployed claims also fell to 2.18,000 against the expected claims of 2.33,000 last week, but could not stop the gold and silver rally. GDP of the second quarter grew faster than estimated on strong consumer expenditure and business investments.
“Put on golden prices above $ 3,700 per Troy Oune and the silver prices, $ 45 per Troy crossed us on a closing basis. The gold and silver ratio gives a new outbreak and slides under 84 and indicates more strength in silver prices,” noted Manoj Kumar Jain from PrithvinMart Commodity research.
Jain added that Silver will probably test his earlier higher levels of 2011 and 1978 on the international markets in the upcoming sessions.
The US dollar index floated near a three-week high, making it more expensive for overseas buyers. Nowadays, the US dollar index, DXY, near the 98.39 marking and won 0.16 or 0.16%near the 98.39 marking.
In the meantime, FED policy maker Stephen Miran argued for protecting aggressive tariff reductions to protect the labor market, so that the inflation risks of rates are defective.
Safe-Haven Bullion tends to perform well in an environment with a low interest rate.
“We Expect Gold and Silver Prices to Remain Volatile in Today’s Session Amid Volatility in the Dollar Index, Volatility in the Global Financial Markets and Ahead of the US Core Pce Price Index Data And Gold Are Expected to Trade in the Range And Silver Is Expade and Silver TOWCE and Silver-Silce-3,17-3,17-3 The Range of $ 44.40-45.80 per Troy Oune in Today’s Session, “He Added.
How to exchange gold?
Manoj Kumar Jain presented the following series for gold and silver on MCX:
- Gold has support on RS 1,12,100-1,11,660 and resistance on RS 1.13,000-1,13.550
- Silver has support on RS 1,35,800-1,34,400 and resistance on RS 1.38.350-1.40,000.
Jain proposes to buy gold around RS 1.12,000 with a stop loss of RS 1.11.440 for a target of RS 1.13.300 and also proposes to buy silver between RS 1.37,000-1,35,800 with a stop loss of RS 1,34,400 for a purpose of RS 1,38,800,000.
Gold rates in physical markets
Golden Prize today in Delhi
Standard gold (22 carat) prices in Delhi are on RS 84.768/8 grams, while pure gold (24 carat) prices are on RS 91,080/8 grams.
Golden Prize today in Mumbai
Standard gold (22 carat) prices in Mumbai are on RS 84.232/8 grams, while pure gold (24 carat) prices are on RS 90.472/8 grams.
Golden Prize today in Chennai
Standard gold (22 carat) prices in Chennai are on RS 83,984/8 grams, while pure gold (24 carat) prices on RS 90.256/8 grams.
Gold price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad are on RS 84,448/8 grams, while pure gold (24 carat) prices are on RS 90,720/8 grams.
((Indemnification: Recommendations, suggestions, views and opinions of the experts are their own. These do not represent the views of economic times)
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