Gold rate today : MCX Gold June futures contracts witnessed a significant decline on Friday as the US dollar strengthened and signs of easing tensions in the US-China trade war emerged.
By around 6 PM, the MCX Gold June contracts had fallen by Rs 839 or 0.87% to Rs 95,073 per 10 grams, with a trading volume of 18,007 lots.
In the opening session, the contracts increased by Rs 208 or 0.22%, starting at Rs 96,120/10 grams following a decline from peak levels earlier in the week. Silver May futures contracts started flat at Rs 97,440/kg, showing a minimal decrease of Rs 71 or 0.07%.
The August contract for the precious metal experienced a reduction of Rs 760 or 0.79%, trading at Rs 95,858 per 10 grams on the exchange.
The international market also reflected this trend, with gold futures in New York declining by USD 40.26 or 1.20% to USD 3,308.34 per ounce.
Experts suggest that markets are factoring in heightened geopolitical uncertainties, primarily stemming from trade policy conflicts initiated by US President Donald Trump.
These tensions, coupled with concerns about economic stagnation and inflation, could potentially sustain the upward trajectory of gold prices .
Yesterday saw mixed settlements for gold and silver in domestic and international markets. Gold June futures finalised at Rs 95,912 per 10 grams, gaining 1.26%, whilst silver May futures concluded at Rs 97,511 per kilogram, declining 0.29%.
Both precious metals displayed significant price fluctuations, with gold demonstrating robust recovery on Thursday following Wednesday's decline. Gold prices returned above $3,300 per troy ounce as investors capitalised on reduced prices, influenced by increased US unemployment claims and China's indication of economic stimulus measures.
US unemployment claims increased to 2,22,000 from the previous 2,15,000, while existing home sales decreased to 4.02 million units from 4.27 million units. These underwhelming US economic indicators provided support for gold prices at lower levels.
Nevertheless, the strengthening dollar index and potential US-China trade tariff discussions may restrict advances. The US Dollar Index, DXY, was observed near 99.59, showing an increase of 0.8 or 0.08%.
Also Read | Gold prices hit Rs 1 lakh! What's the outlook for gold and should you buy or sell the yellow metal? Explained
"We expect gold and silver prices to remain volatile in today's session amid volatility in the dollar index and the US-China trade war; gold prices could hold its support level of $3,200 and silver prices could also hold $29.88 per troy ounce levels," said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Physical Gold Market Rates
Delhi Market Update
The cost of standard gold (22 carat) in Delhi is currently Rs 57,960/8 grams, whilst pure gold (24 carat) is priced at Rs 61,768/8 grams.
Mumbai Market Update
In Mumbai, standard gold (22 carat) is valued at Rs 56,984/8 grams, whilst pure gold (24 carat) is available at Rs 60,752/8 grams.
Chennai Market Update
The standard gold (22 carat) rate in Chennai is Rs 56,768/8 grams, whilst pure gold (24 carat) is trading at Rs 60,536/8 grams.
Hyderabad Market Update
For Hyderabad, standard gold (22 carat) is priced at Rs 56,832/8 grams, whilst pure gold (24 carat) costs Rs 60,576/8 grams.
By around 6 PM, the MCX Gold June contracts had fallen by Rs 839 or 0.87% to Rs 95,073 per 10 grams, with a trading volume of 18,007 lots.
In the opening session, the contracts increased by Rs 208 or 0.22%, starting at Rs 96,120/10 grams following a decline from peak levels earlier in the week. Silver May futures contracts started flat at Rs 97,440/kg, showing a minimal decrease of Rs 71 or 0.07%.
The August contract for the precious metal experienced a reduction of Rs 760 or 0.79%, trading at Rs 95,858 per 10 grams on the exchange.
The international market also reflected this trend, with gold futures in New York declining by USD 40.26 or 1.20% to USD 3,308.34 per ounce.
Experts suggest that markets are factoring in heightened geopolitical uncertainties, primarily stemming from trade policy conflicts initiated by US President Donald Trump.
These tensions, coupled with concerns about economic stagnation and inflation, could potentially sustain the upward trajectory of gold prices .
Yesterday saw mixed settlements for gold and silver in domestic and international markets. Gold June futures finalised at Rs 95,912 per 10 grams, gaining 1.26%, whilst silver May futures concluded at Rs 97,511 per kilogram, declining 0.29%.
Both precious metals displayed significant price fluctuations, with gold demonstrating robust recovery on Thursday following Wednesday's decline. Gold prices returned above $3,300 per troy ounce as investors capitalised on reduced prices, influenced by increased US unemployment claims and China's indication of economic stimulus measures.
US unemployment claims increased to 2,22,000 from the previous 2,15,000, while existing home sales decreased to 4.02 million units from 4.27 million units. These underwhelming US economic indicators provided support for gold prices at lower levels.
Nevertheless, the strengthening dollar index and potential US-China trade tariff discussions may restrict advances. The US Dollar Index, DXY, was observed near 99.59, showing an increase of 0.8 or 0.08%.
Also Read | Gold prices hit Rs 1 lakh! What's the outlook for gold and should you buy or sell the yellow metal? Explained
"We expect gold and silver prices to remain volatile in today's session amid volatility in the dollar index and the US-China trade war; gold prices could hold its support level of $3,200 and silver prices could also hold $29.88 per troy ounce levels," said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Physical Gold Market Rates
Delhi Market Update
The cost of standard gold (22 carat) in Delhi is currently Rs 57,960/8 grams, whilst pure gold (24 carat) is priced at Rs 61,768/8 grams.
Mumbai Market Update
In Mumbai, standard gold (22 carat) is valued at Rs 56,984/8 grams, whilst pure gold (24 carat) is available at Rs 60,752/8 grams.
Chennai Market Update
The standard gold (22 carat) rate in Chennai is Rs 56,768/8 grams, whilst pure gold (24 carat) is trading at Rs 60,536/8 grams.
Hyderabad Market Update
For Hyderabad, standard gold (22 carat) is priced at Rs 56,832/8 grams, whilst pure gold (24 carat) costs Rs 60,576/8 grams.
You may also like
Kerala Health Minister seeks report on why she was not invited to cathlab inauguration
Patrice Evra makes stunning career change as ex-Premier League star set to make MMA debut
'Canada is an interesting case': Trump says he's not trolling with talks of 51st state
APRC 2025: Karna Kadur, Musa Sherif lead in Indu Chandhok Memorial South India Rally
EAM Jaishankar appreciates Egypt's support in fight against terrorism
