Gold Price Today: Yellow metal witnesses profit booking, opens at Rs 85,749/10 gm

The prices of gold witnessed some profit booking as gold April futures contracts at MCX opened slightly lower today at Rs 85,749 per 10 grams, which is down by 0.32% or Rs 275.

Meanwhile, silver March futures contracts were trading at Rs 96,722/kg, down by 0.4% or Rs 391.

On Thursday, gold and silver settled on a positive note in the domestic and international markets. Gold April futures contract settled at Rs 86,024 per 10 grams with a gain of 0.13% and silver March futures contract settled at Rs 97,113 per kilogram with a gain of 0.73%.

Gold and silver rebound again and erase previous session’s losses amid weakness in the dollar index and a surge in the US jobless claims.

The US jobless claims surged to 2,19,000 in the last week against expected claims of 2,14,000. Gold and silver prices also gained amid safe-haven demand amid global uncertainty due to Trump’s tariff policies and a tussle between the US and the EU over ending the Russia-Ukraine war and trade tariffs.

“The dollar index slipped to 2-month lows and supported gold and silver prices. However, recovery in the rupee against the US dollar is limiting gains of precious metals in the domestic markets,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Today, the US Dollar Index, DXY, was hovering near the 106.42 mark, gaining 0.05 or 0.05%.“We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index, the US trade war and ahead of the US manufacturing PMI data,” Jain added.

Ranges for gold and silver by Manoj Kumar Jain:

• At MCX, gold has support at Rs 85,650-85,200 and resistance at Rs 86,360-86,720.
• Silver has support at Rs 96,400-95,750 and resistance at Rs 97,850-98,600.

Jain suggests buying gold on dips around Rs 85,650 with a stop loss of Rs 85,300 for a target of Rs 86,350.

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 57,984/8 grams while pure gold (24 carat) prices stand at Rs 61,848/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 57,400/8 grams while pure gold (24 carat) prices stand at Rs 61,168/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 56,712/8 grams while pure gold (24 carat) prices stand at Rs 60,488/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 56,920/8 grams while pure gold (24 carat) prices stand at Rs 60,656/8 grams.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)