Gold Price Today: Gold prices drop by Rs 6,500/10 gm from record high level, silver at Rs 96,287/kg

As geopolitical tensions person started easing out, the request for safe-haven buying has witnessed a crisp diminution arsenic Gold June futures contracts astatine MCX deed a day’s debased of Rs 92,975/10 grams. This marks a crisp autumn of astir Rs 6,500 for the yellowish metallic from its highest of Rs 99,358/10 grams, made connected April 22.

Meanwhile, the prices of metallic July contracts were trading astir 1% higher oregon by Rs 943 astatine Rs 96,287/kg astir 10 am.

On Monday, golden and metallic settled connected a anemic enactment successful the home and planetary markets. Gold June futures declaration settled astatine Rs 92,901 per 10 grams with a nonaccomplishment of 3.75%, and metallic July futures declaration settled astatine Rs 95,344 per kilogram with a nonaccomplishment of 1.43%.

The prices of golden and metallic plunged amid the US-China commercialized deal, Indo-Pak ceasefire and gains successful the dollar scale and US enslaved yields.

Gold and metallic showed a dense sell-off astatine the commencement of the caller week amid a commercialized woody betwixt US-China successful Switzerland. Both countries agreed to trim commercialized tariffs substantially connected each different for the play of 90 days, and returned assurance successful the planetary markets.

The dollar scale and the U.S. enslaved yields jumped aft the announcement of commercialized deals. Today, the US Dollar Index, DXY, was hovering adjacent the 101.60 mark, falling 0.19 oregon 0.19%.

“The Indo-Pak ceasefire implicit the play besides eased safe-haven buying for precious metals. Gold prices slipped to one-month lows and silver prices besides plunged amid large hazard aversion successful the planetary markets,” noted Manoj Kumar Jain of Prithvifinmart Commodity Research.

“Global equity markets showed coagulated spot and besides pushed golden and metallic prices lower. We expect golden and metallic prices to stay volatile this week amid volatility successful the dollar scale and geopolitical tensions; golden prices could clasp their cardinal enactment level of $3,140 per troy ounce, and metallic prices could besides clasp $31.40 per troy ounce levels,” helium added.

How to commercialized gold?

Manoj Kumar Jain has highlighted the pursuing ranges for golden and metallic connected MCX:

• Gold has enactment astatine Rs 92,400-91,770 and absorption astatine Rs 93,360-94,000
  
• Silver has enactment astatine Rs 94,400-93,650 and absorption astatine Rs 96,000-96,650
  

Jain suggests buying metallic connected dips and staying distant from golden for immoderate trading sessions.

Gold rates successful carnal markets

Gold Price contiguous successful Delhi

Standard golden (22 carat) prices successful Delhi basal astatine Rs 57,312/8 grams portion axenic golden (24 carat) prices basal astatine Rs 61,136/8 grams.

Gold Price contiguous successful Mumbai

Standard golden (22 carat) prices successful Mumbai basal astatine Rs 57,720/8 grams portion axenic golden (24 carat) prices basal astatine Rs 61,560/8 grams.

Gold Price contiguous successful Chennai

Standard golden (22 carat) prices successful Chennai basal astatine Rs 56,880/8 grams portion axenic golden (24 carat) prices basal astatine Rs 60,688/8 grams.

Gold Price contiguous successful Hyderabad

Standard golden (22 carat) prices successful Hyderabad basal astatine Rs 56,992/8 grams portion axenic golden (24 carat) prices basal astatine Rs 60,728/8 grams.

(Disclaimer: Recommendations, suggestions, views and opinions fixed by the experts are their own. These bash not correspond the views of The Economic Times)