Gold rate today: MCX Gold June futures contracts increased by Rs 208 or 0.22%, starting at Rs 96,120/10 grams on Friday following a decline from peak levels earlier in the week. Silver May futures contracts started flat at Rs 97,440/kg, showing a minimal decrease of Rs 71 or 0.07%.
Yesterday saw mixed settlements for gold and silver in domestic and international markets. Gold June futures finalised at Rs 95,912 per 10 grams, gaining 1.26%, whilst silver May futures concluded at Rs 97,511 per kilogram, declining 0.29%.
Both precious metals displayed significant price fluctuations, with gold demonstrating robust recovery on Thursday following Wednesday’s decline. Gold prices returned above $3,300 per troy ounce as investors capitalised on reduced prices, influenced by increased U.S. unemployment claims and China’s indication of economic stimulus measures.
U.S. unemployment claims increased to 2,22,000 from the previous 2,15,000, while existing home sales decreased to 4.02 million units from 4.27 million units. These underwhelming U.S. economic indicators provided support for gold prices at lower levels.
Nevertheless, the strengthening dollar index and potential US-China trade tariff discussions may restrict advances. The US Dollar Index, DXY, was observed near 99.59, showing an increase of 0.8 or 0.08%.
Also Read | Gold prices hit Rs 1 lakh! What’s the outlook for gold and should you buy or sell the yellow metal? Explained
“We expect gold and silver prices to remain volatile in today’s session 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,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Physical Gold Market Rates
Delhi Market Update
The cost of standard gold (22 carat) in Delhi is currently Rs 57,960/8 grams, whilst pure gold (24 carat) is priced at Rs 61,768/8 grams.
Mumbai Market Update
In Mumbai, standard gold (22 carat) is valued at Rs 56,984/8 grams, whilst pure gold (24 carat) is available at Rs 60,752/8 grams.
Chennai Market Update
The standard gold (22 carat) rate in Chennai is Rs 56,768/8 grams, whilst pure gold (24 carat) is trading at Rs 60,536/8 grams.
Hyderabad Market Update
For Hyderabad, standard gold (22 carat) is priced at Rs 56,832/8 grams, whilst pure gold (24 carat) costs Rs 60,576/8 grams.
