Synopsis
Profit Booking in Gold and Silver as U.S. President’s Comments Trigger Volatility
Gold and silver futures experienced profit booking on Wednesday after reaching record highs, influenced by the U.S. President’s comments on China and the Federal Reserve. The U.S. President’s statement on China and Fed Chairman Powell triggered profit taking in gold from record-high levels, with gold prices slipping more than $100 per troy ounce and U.S. equity markets rebounding again. The dollar index also recovered from 3-year lows and pushed gold prices lower.
Traders and Investors Book Profits
Live Events
• Traders and investors booked profits in gold at higher levels.
Manoj Kumar Jain’s Views on Gold and Silver Prices
“Gains in the industrial metals supported prices of silver. If gold prices slip below $3,400 could show further weakness towards $3,330-3,260 per troy ounce levels; $3.440 acts as major resistance for gold,” said Manoj Kumar Jain of Prithvifinmart Commodity Research. “We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US-China trade war; gold prices could hold their support level of $3,200 and silver prices could also hold $29.88 per troy ounce levels,” he added.
Price Ranges for Gold and Silver
Ranges for gold and silver by Manoj Kumar Jain:
At MCX, gold has support at Rs 96,600-95,850 and resistance at Rs 98,000-98,650
Silver has support at Rs 95,200-94,500 and resistance at Rs 96,650-97,400.
Gold Rates in Physical Markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,176/8 grams while pure gold (24 carat) prices stand at Rs 60,920/8 grams. Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,952/8 grams while pure gold (24 carat) prices stand at Rs 61,784/8 grams. Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,600/8 grams while pure gold (24 carat) prices stand at Rs 60,376/8 grams. Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,120/8 grams while pure gold (24 carat) prices stand at Rs 60,952/8 grams.
Expert Recommendations
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Market Analysis
The price of gold and silver is influenced by several factors, including the U.S. dollar, interest rates, and economic indicators. dollar index is a key indicator of the U.S. economy and can impact the price of gold and silver. The Federal Reserve is also a key player in shaping the economy, and its decisions can affect the price of gold and silver. The price of gold and silver can also be influenced by industrial metals. The gains in industrial metals can support the price of silver, while a decline in industrial metals can lead to a decline in gold prices.
Conclusion
The price of gold and silver is influenced by a complex array of factors, and its volatility can be significant. President’s comments on China and the Federal Reserve triggered profit taking in gold from record-high levels, and the dollar index recovered from 3-year lows. The price of gold and silver is expected to remain volatile this week, with gold prices potentially holding their support level of $3,200 and silver prices potentially holding $29.88 per troy ounce levels.
