Gold and Silver Prices Rise: Key Insights and Market Trends!

After some ups and downs earlier this week, Gold June futures contracts at Niftystat went up by Rs 208, or 0.22%, starting at Rs 96,120 for 10 grams on Friday. Silver May futures contracts opened the same, staying flat at Rs 97,440 per kilogram, just down by Rs 71 or 0.07%.

On Thursday, gold and silver had mixed results in both local and international markets. Gold ended at Rs 95,912 per 10 grams, gaining 1.26%, while silver closed at Rs 97,511 per kilogram, losing 0.29%. Both metals showed a lot of price changes, and gold bounced back on Thursday after a big drop on Wednesday. Gold prices reached over $3,300 per troy ounce as investors took the chance to buy low after a rise in U.S. jobless claims and China hinting at helping its economy.

U.S. jobless claims rose to 222,000 from the previous 215,000, and existing home sales fell to 4.02 million from 4.27 million. Bad U.S. economic news helped support gold prices. However, a rise in the dollar and hopes for U.S.-China trade talks may limit gains. The U.S. Dollar Index (DXY) was around 99.59, up by 0.8 or 0.08%.

“We think gold and silver prices will stay risky today due to changes in the dollar and the U.S.-China trade conflict. Gold might stay above $3,200, while silver could hold around $29.88 per troy ounce,” said Manoj Kumar Jain from Prithvifinmart Commodity Research.

Gold and Silver Price Ranges by Manoj Kumar Jain:
– Gold Support Levels: Rs 95,250-94,400
– Gold Resistance Levels: Rs 96,600-97,280
– Silver Support Levels: Rs 96,850-96,200
– Silver Resistance Levels: Rs 98,200-99,100

Jain recommends taking profits if you own gold, but suggests buying silver around Rs 97,000 with a stop loss at Rs 96,400 for a target of Rs 98,200.

Gold Prices in Major Cities (Today):
– Delhi:
– Standard gold (22 carat): Rs 57,960/8 grams
– Pure gold (24 carat): Rs 61,768/8 grams
– Mumbai:
– Standard gold (22 carat): Rs 56,984/8 grams
– Pure gold (24 carat): Rs 60,752/8 grams
– Chennai:
– Standard gold (22 carat): Rs 56,768/8 grams
– Pure gold (24 carat): Rs 60,536/8 grams
– Hyderabad:
– Standard gold (22 carat): Rs 56,832/8 grams
– Pure gold (24 carat): Rs 60,576/8 grams

(Disclaimer: The suggestions, views, and opinions in this article are from the experts and do not reflect the views of Thellv.news)