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Gold rate today: Following US President Donald Trump’s remarks regarding China and the Fed Chairman, gold prices have experienced a substantial decline of Rs 3,800 within two days. After Wednesday’s lower closing, the MCX gold June futures contract initiated Thursday’s trading at Rs 96,188/10 grams, showing an increase of Rs 1,466 or 1.5%.
Silver May futures contracts commenced trading lower at Rs 97,75/kg, displaying a decrease of Rs 124 or 0.13%.
On Wednesday, domestic and international markets witnessed mixed settlements for gold and silver. The gold June futures contract concluded at Rs 94,722 per 10 grams, declining by 2.69%, whilst silver May futures contract finished at Rs 97,799 per kilogram, gaining 2%.
Both precious metals demonstrated significant volatility. Gold prices recorded their steepest single-day decline in five years due to diminishing risk sentiments and profit-taking. The decline coincided with strengthening of the dollar index and US equity markets, according to an ET report.
Also Read | Gold prices hit Rs 1 lakh! What’s the outlook for gold and should you buy or sell the yellow metal? Explained
The US Dollar Index, DXY, was trading around 99.69, showing a reduction of 0.15 or 0.15%.
Silver demonstrated resilience, supported by positive US new home sales data and stronger-than-anticipated flash manufacturing PMI figures.
“Gold prices slipped below $3,300 per troy ounce levels but there is no change in the long-term fundamentals,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
The purchasing activities of global central banks and substantial increases in ETF inflows are expected to provide support for gold prices at lower levels.
“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US-China trade war; gold prices could hold its support level of $3,200 and silver prices could also hold $29.88 per troy ounce levels,” Jain added.
Current Physical Gold Market Rates:
Delhi Market:
Standard gold (22 carat): Rs 57,080/8 grams
Pure gold (24 carat): Rs 60,896/8 grams
Mumbai Market:
Standard gold (22 carat): Rs 57,632/8 grams
Pure gold (24 carat): Rs 61,400/8 grams
Chennai Market:
Standard gold (22 carat): Rs 56,944/8 grams
Pure gold (24 carat): Rs 60,648/8 grams
Hyderabad Market:
Standard gold (22 carat): Rs 57,216/8 grams
Pure gold (24 carat): Rs 61,008/8 grams
Also Read | Gold prices at record high! Sovereign gold bond investors weigh profit booking with 221% returns
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