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Gold rate today: Gold June futures at MCX experienced profit booking on Wednesday after reaching a record high of Rs 99,358, opening lower by Rs 1,883 or 1.45% at Rs 95,457/10 grams. Market participants secured profits at elevated gold prices. Gold had crossed the Rs 1 lakh mark this week.
Silver May futures also declined, opening at Rs 95,478/kg, down by 0.42% or Rs 400.
On Tuesday, domestic precious metals closed positively whilst international markets showed mixed results. Gold June futures settled at Rs 97,340 per 10 grams, gaining 0.04%, and silver May futures ended at Rs 95,879 per kilogram, up by 0.66%.
Precious metals demonstrated significant volatility, with gold exceeding $3,500 per troy ounce early in trading. However, statements from the U.S. President regarding China and the Fed Chairman prompted selling at peak levels.
The U.S. President’s assurance about stable relations with China and retention of Fed Chairman Powell led to gold prices declining by over $100 per troy ounce, whilst U.S. equity markets recovered.
The strengthening dollar index, recovering from 3-year lows, contributed to gold’s decline. The US Dollar Index (DXY) was trading around 99.31, up by 0.40 or 0.40%.
“Silver prices received support from industrial metals gains. Gold might weaken towards $3,330-3,260 if it breaks below $3,400 per troy ounce, with $3,440 serving as key resistance,” stated Manoj Kumar Jain of Prithvifinmart Commodity Research, according to an ET report.
“We anticipate continued volatility in gold and silver prices this week, influenced by dollar index fluctuations and US-China trade tensions. Gold should maintain support at $3,200, whilst silver likely holds above $29.88 per troy ounce,” he further noted.
Physical Market Gold Rates:
Delhi Market:
Standard gold (22 carat) is priced at Rs 57,176/8 grams, whilst pure gold (24 carat) costs Rs 60,920/8 grams.
Mumbai Market:
Standard gold (22 carat) is valued at Rs 57,952/8 grams, whilst pure gold (24 carat) is priced at Rs 61,784/8 grams.
Chennai Market:
Standard gold (22 carat) is available at Rs 56,600/8 grams, whilst pure gold (24 carat) costs Rs 60,376/8 grams.
Hyderabad Market:
Standard gold (22 carat) is trading at Rs 57,120/8 grams, whilst pure gold (24 carat) is valued at Rs 60,952/8 grams.
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