Gold Price Today: Current Trends and Insights on Gold and Silver Prices
Current Gold Price Trends
Gold October futures contracts at MCX opened flat on Wednesday at Rs 72,028 per 10 grams, reflecting a 0.16% increase or Rs 115. This week, the prices of gold have appreciated by Rs 600/10 gm while silver has risen by Rs 1,400 per kilogram. On Tuesday, gold and silver settled positively in the domestic market, while the international markets presented mixed signals. The October futures contract for gold concluded at Rs 71,913 per 10 grams, up by 0.40%, alongside the December silver futures contract settling at Rs 83,681 per kilogram, gaining 0.04%.
Market Influences and Expectations
Recent movements in the gold and silver markets have been influenced by high price volatility amidst expectations surrounding U.S. CPI data. Gold and silver prices initially dipped in international markets, affected by a sell-off in crude oil and a strengthening dollar index. However, the optimism around potential Fed rate cuts has provided support at lower price levels.
- Lower U.S. inflation expectations of 2.6% are contributing to the rise in prices.
- The ECB's upcoming monetary policy meeting could also impact gold and silver prices.
- The geopolitical climate, including the U.S. Presidential debate, may direct global market movement.
Expectations are for gold and silver prices to remain volatile in the coming week as market conditions fluctuate. Currently, the support levels are projected at $2,464 and $26.80 per troy ounce for gold and silver, respectively, for weekly closing.
Range Evaluation by Analysts
Manoj Kumar Jain from Prithvi Finmart Commodity Research assessed the current trading range:
- Gold support levels: 71,700-71,440; Resistance levels: 72,200-72,500.
- Silver support levels: 83,000-82,450; Resistance levels: 84,400-85,100.
Jain recommends buying silver on dips around 83,300 with a stop loss at 82,650, aiming for a target of 84,500.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.