Gold rate today : Gold June futures on MCX began trading lower on Friday, with price dropping Rs 314 or 0.34% to Rs 92,855/10 g, following a positive close in the previous session. The yellow metal's prices have declined by Rs 3,750 this week, exhibiting significant price fluctuations.
Silver July futures also commenced trading on a weaker note, declining by Rs 826 or 0.84% to Rs 97,292/kg.
On Thursday, both precious metals concluded positively in domestic and international markets. Gold June futures finished at Rs 93,169 per 10 grams, gaining 0.98%, whilst silver July futures ended at Rs 95,915 per kilogram, up by 0.47%.
The precious metals experienced substantial price swings, initially declining due to improving US-China trade relations and potential US-Iran nuclear agreement discussions. However, prices subsequently recovered following mixed US economic indicators and profit-taking in the dollar index.
Also Check | Gold price prediction today: What's the gold rate outlook for May 16, 2025 - should you buy or sell?
" Gold prices tested their key support level of $3140 per troy ounce in the international markets but held on a closing basis, and silver prices also recovered amid easing U.S. PPI data and better than expected U.S. retail sales data," said Manoj Kumar Jain of Prithvifinmart Commodity Research, according to an ET report.
The US Producer Price Index decreased by 0.5% month-on-month, contrary to anticipated 0.3% growth. Both the dollar index and US 10-year bond yields declined, providing support to gold and silver valuations.
The Dollar Index (DXY) registered a decline of 0.20 or 0.20%, settling near 100.68.
"Easing geopolitical tensions and a US-China trade deal could limit gains of gold and silver. We expect gold and silver prices to remain volatile in today's session amid volatility in the dollar index and US inflation expectations data; gold prices could hold its key support level of $3,140 per troy ounce and silver prices could also hold $31.40 per troy ounce levels," he added.
Trading Guidelines for Gold:
Manoj Kumar Jain outlined the following price ranges for MCX:
* Gold's support levels are positioned at Rs 92,550-92,000, whilst resistance stands at Rs 93,660-94,140
* Silver's support levels are at Rs 95,300-94,500, whilst resistance is placed at Rs 96,650-97,400
For silver trading, Jain recommends initiating purchases near Rs 95,500, maintaining a stop loss at Rs 95,000, with an anticipated target of Rs 96,650.
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
Silver July futures also commenced trading on a weaker note, declining by Rs 826 or 0.84% to Rs 97,292/kg.
On Thursday, both precious metals concluded positively in domestic and international markets. Gold June futures finished at Rs 93,169 per 10 grams, gaining 0.98%, whilst silver July futures ended at Rs 95,915 per kilogram, up by 0.47%.
The precious metals experienced substantial price swings, initially declining due to improving US-China trade relations and potential US-Iran nuclear agreement discussions. However, prices subsequently recovered following mixed US economic indicators and profit-taking in the dollar index.
Also Check | Gold price prediction today: What's the gold rate outlook for May 16, 2025 - should you buy or sell?
" Gold prices tested their key support level of $3140 per troy ounce in the international markets but held on a closing basis, and silver prices also recovered amid easing U.S. PPI data and better than expected U.S. retail sales data," said Manoj Kumar Jain of Prithvifinmart Commodity Research, according to an ET report.
The US Producer Price Index decreased by 0.5% month-on-month, contrary to anticipated 0.3% growth. Both the dollar index and US 10-year bond yields declined, providing support to gold and silver valuations.
The Dollar Index (DXY) registered a decline of 0.20 or 0.20%, settling near 100.68.
"Easing geopolitical tensions and a US-China trade deal could limit gains of gold and silver. We expect gold and silver prices to remain volatile in today's session amid volatility in the dollar index and US inflation expectations data; gold prices could hold its key support level of $3,140 per troy ounce and silver prices could also hold $31.40 per troy ounce levels," he added.
Trading Guidelines for Gold:
Manoj Kumar Jain outlined the following price ranges for MCX:
* Gold's support levels are positioned at Rs 92,550-92,000, whilst resistance stands at Rs 93,660-94,140
* Silver's support levels are at Rs 95,300-94,500, whilst resistance is placed at Rs 96,650-97,400
For silver trading, Jain recommends initiating purchases near Rs 95,500, maintaining a stop loss at Rs 95,000, with an anticipated target of Rs 96,650.
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
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