Gold prices opened higher on MCX today after a sharp fall in the previous session. As of 11 am, Gold June futures were up by Rs 333 (0.38%), trading at Rs 88,408 per 10 grams. Silver May futures also saw a significant increase, rising by Rs 1,680 (1.93%) to Rs 88,890 per kg.
On Friday, both gold and silver settled lower, with gold June futures closing at Rs 88,075 (down 2.20%) and silver May futures at Rs 87,211 (down 7.61%). The steep declines came after the US imposed reciprocal trade tariffs, and China retaliated with a 34% tariff on US imports.
Additionally, US non-farm employment data for March exceeded expectations, further pushing down the prices of both metals. The US Dollar Index was at 102.94, down by 0.09%.
Market experts predict continued volatility this week, with gold and silver likely to test lower levels due to global trade tensions. Manoj Kumar Jain of Prithvifinmart Commodity Research anticipates gold prices may test $2,940 per ounce and silver $28.00 per ounce.
Gold: Support at Rs 87,300-86,500; Resistance at Rs 88,800-89,360
Silver: Support at Rs 85,800-84,500; Resistance at Rs 88,500-90,000
Gold Rates in Major Cities
Delhi: 22K – Rs 57,544/8g; 24K – Rs 61,288/8g
Mumbai: 22K – Rs 57,888/8g; 24K – Rs 61,736/8g
Chennai: 22K – Rs 56,904/8g; 24K – Rs 60,624/8g
Hyderabad: 22K – Rs 56,760/8g; 24K – Rs 60,504/8g
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