Gold Tips Today: gold and silver remains under pressure as gold February futures contracts at MCX extended losses on Wednesday, opening flat at Rs 76,852 per 10 gram, which is down by 0.02% or Rs 19 while silver March futures contracts were trading at Rs 90,700/kg, down by 0.19% or Rs 175.
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Gold prices have fallen by Rs 300/10 grams in this week so far while silver prices have also fallen by Rs 300/kg in the same period.
Gold and Silver Settled
On Tuesday, gold and silver settled on a weaker note in the domestic and international markets. Gold February futures contract settled at Rs 76,871 per 10 grams with a loss of 0.25% and silver March futures contract settled at Rs 90,875 per kilogram with a loss of 0.34%.
Gold and silver extend its fall on Tuesday after better than expected US retail sales data. The US retail sales grew 0.7% month on month basis and beats the expectations of an increase of 0.5% and limits gains of precious metals.
The market participants are also worried about FED guidance for the 2025 rate cuts amid weak U.S. job markets, increasing inflation and strong services activities.
Gold and silver also showed weakness amid strong gains in cryptocurrencies.
Dollar Index
The dollar index and the US bond yields traded steady ahead of the FED monetary policy meetings. The Bitcoin hit $1,08,000 per coin for the first time and pressurizing other asset classes.
Today, the US Dollar Index, DXY, was hovering near the 106.92 mark, falling 0.04 or 0.04%.
“However, the FED rate cut expectations, geo-political tensions and weakness in the global equity markets supported gold and silver prices at lower levels. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and FOMC meetings but it could hold its key support levels of $2,588 and $29.88 per troy ounce levels respectively on a weekly closing basis,”.
Todays Range for gold and silver:
- ✅MCX Gold has support at Rs 76,300-75,900 and resistance at Rs 77,200-—77,750.
- ✅MCX Silver has support at Rs 90,000—-89,100 and resistance at Rs 92,300—-92,700.
✅Buying gold on dips around Rs 76,300—75,900 with a stop loss of Rs 75,700 for the target of Rs 77,200-—77,750.⭐⭐⭐
