MCX Gold April futures contracts on the MCX rose 0.15% (Rs 124) today, reaching a new all-time high of Rs 80,730 per 10 grams, marking the 2nd consecutive session of price gains.
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Meanwhile, silver March futures contracts were trading at Rs 92,200/kg, up by merely 0.03% or Rs 28, having gone up by Rs 1439/kg in the last 2 days.
On Tuesday, gold and silver settled on a positive note in the domestic and international markets. Gold April futures contract settled at Rs 80,899 per 10 grams with a gain of 0.92% and silver March futures contract settled at Rs 91,051 per kilogram with a gain of 0.91%.
Gold and silver prices reversed the previous session’s losses and gained amid global uncertainty due to U.S. President Trump’s policies. Trump’s tariff threats and Chinese DeepSeek increased volatility in the global financial markets and supported safe-haven buying for precious metals.
“The U.S. economic data released on Tuesday was also supportive for precious metals. The FOMC meeting is also started on Tuesday and will conclude later today with market consensus of status quo on the interest rates but final comments on the economy and further rate cuts could be directional for precious metal markets,”.
Today, the US Dollar Index, DXY, was hovering near the 107.87 mark, gaining 0.01 or 0.01%.
We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and volatility in the global financial markets and the US FED monetary policy meeting outcomes.
Ranges for gold and silver by Manoj Kumar Jain:
- ✅At MCX, gold has support at Rs 80,200—79,600 and resistance at Rs 81,222-—81,750.
- ✅MCX Silver has support at Rs 90,200—89,800 and resistance at Rs 92,500——93200.
Stay away from the bullion market in today’s session ahead of the US Presidential election.