On Friday, gold prices slightly increased to Rs 79,880 for 10 grams, which is 0.32% more – that’s an extra Rs 254. Silver prices also went up to Rs 91,790 per kg, rising by 0.7% or Rs 641. This week, gold has gained Rs 850 for every 10 grams, but silver prices have stayed mostly the same.
Gold has been increasing in price for four weeks now. This is because there are concerns about U.S. President Trump’s trade plans, which have made the dollar weaker. When the dollar weakens, more people want to buy gold for safety.
Last Thursday, the value of gold and silver changed a bit. Gold ended the day at Rs 79,626 per 10 grams, up by 0.08%, while silver fell to Rs 91,149 per kg, down by 0.86%. The dollar was lower that day because of unclear messages from Trump about tariffs and his call for lower interest rates. People were also waiting for announcements from central banks around the world.
According to Manoj Kumar Jain from Prithvi Finmart Commodity Research, gold and silver prices dropped in international markets due to profit-taking and worries about increased U.S. 10-year bond yields and a possible interest rate rise from the Bank of Japan.
Today, the U.S. Dollar Index (DXY) is around 107.90, slipping down by 0.14%. Even with these ups and downs, a rise in U.S. jobless claims and a weak dollar have helped support gold prices.
Jain expects that gold and silver prices may go up and down today, influenced by dollar index fluctuations and global bond market activity.
Support and Resistance Levels:
– Gold: Support at Rs 79,330-79,080; Resistance at Rs 79,850-80,080.
– Silver: Support at Rs 90,450-89,700; Resistance at Rs 92,000-92,650.
Buying Suggestion: Jain recommends buying gold around Rs 79,350 and setting a stop loss at Rs 79,100, targeting Rs 79,850.
Today’s Gold Prices in India:
– Delhi: 22-carat gold at Rs 57,752/8 grams, and 24-carat gold at Rs 61,552/8 grams.
– Mumbai: 22-carat gold at Rs 58,008/8 grams, and 24-carat gold at Rs 61,824/8 grams.
– Chennai: 22-carat gold at Rs 56,872/8 grams, and 24-carat gold at Rs 60,640/8 grams.
– Hyderabad: 22-carat gold at Rs 56,848/8 grams, and 24-carat gold at Rs 60,600/8 grams.
Remember: The views and suggestions in this article are based on individual opinions. They do not reflect the views of NiftyStat.
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