Today’s Gold Price Update: Gold remains steady at Rs 73,239 per 10 grams, while silver sees a quick rise of Rs 3,200 in just one day

Key Takeaways:

– Gold prices for August futures at MCX opened flat at Rs 73,239 per 10 grams, with a small increase of 0.15% on Friday.
– Silver July contracts rose by Rs 3,200 since Wednesday’s closing to open at Rs 93,650/kg today.
– Gold and silver settled on a positive note in the domestic markets on Thursday.
– The European Central Bank’s interest rate cut and a decline in U.S. bond yields have boosted gold and silver prices.
– Recommendations suggest buying gold on dips around 72,800 with a stop loss of 72,550 for the target of 73,350.

On Thursday, gold and silver settled on a positive note in the domestic markets. Gold August futures contract settled at Rs 73,131 per 10 grams with a gain of 0.85% and the silver July futures contract settled at Rs 93,816 per kgs with a gain of 3.73%.

Gold and silver gained amidst interest rate cuts by the European Central Bank and a decline in the U.S. bond yields. The ECB cuts interest rates by 25 basis points for the first time since 2019 after easing inflation.

Today, the US Dollar Index, DXY, was hovering near the 104.09 mark, falling by 0.01% or 0.01 points.

Ranges for Gold and Silver at MCX by Manoj Kumar Jain:

• Gold is having support at 72,850-72,600 and resistance at 73,330-73,580
• Silver has support at 93,150-92,500 and resistance at 94,400-95,100

“We suggest buying gold on dips around 72,800 with a stop loss of 72,550 for the target of 73,350,” adds Jain. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

FAQs:

1. What factors are influencing gold and silver prices?

The recent interest rate cuts by the European Central Bank and a decline in U.S. bond yields have been major factors driving the increase in gold and silver prices.

2. Why is the U.S. Dollar Index significant in the context of gold and silver prices?

The U.S. Dollar Index (DXY) is important as it reflects the strength of the U.S. dollar against other major currencies, impacting the prices of gold and silver which are often inversely correlated with the dollar.

3. What are the suggested trading strategies for gold according to Manoj Kumar Jain?

Manoj Kumar Jain suggests buying gold on dips around 72,800 with a stop loss of 72,550 for a target of 73,350.