Gold Prices Today: MCX Gold Futures Start Strong at Rs 96,120
Gold prices have seen a notable rebound, climbing back above $3,300 per troy ounce as investors take advantage of lower prices. On Friday, MCX Gold June futures contracts rose by Rs 208, or 0.22%, starting at Rs 96,120 per 10 grams. Meanwhile, silver May futures remained relatively stable, opening at Rs 97,440 per kilogram with a slight decrease. Experts attribute these fluctuations to ongoing geopolitical tensions and economic concerns, which may continue to influence the market.
Market Trends and Economic Indicators
The recent trading session for gold and silver revealed mixed outcomes in both domestic and international markets. Gold June futures settled at Rs 95,912 per 10 grams, marking a 1.26% increase, while silver May futures ended at Rs 97,511 per kilogram, reflecting a 0.29% decline. The volatility in precious metal prices is largely driven by external factors, including rising geopolitical uncertainties linked to trade policy disputes initiated by U.S. President Donald Trump. These tensions, alongside fears of economic stagnation and inflation, are expected to support gold prices in the near term.
In the U.S., economic indicators have shown signs of weakness, with unemployment claims rising to 222,000 from 215,000 and existing home sales dropping to 4.02 million units from 4.27 million. Such disappointing data has provided a cushion for gold prices, allowing them to recover from earlier declines. However, the strengthening U.S. dollar and ongoing discussions regarding potential tariffs between the U.S. and China may limit further gains in gold prices.
Physical Gold Market Rates
In the physical gold market, prices vary across major cities in India. In Delhi, the cost of standard gold (22 carat) stands at Rs 57,960 for 8 grams, while pure gold (24 carat) is priced at Rs 61,768 for the same quantity. In Mumbai, standard gold (22 carat) is valued at Rs 56,984 for 8 grams, and pure gold (24 carat) is available at Rs 60,752 for 8 grams. Chennai reports a standard gold price of Rs 56,768 for 8 grams, with pure gold at Rs 60,536. Meanwhile, in Hyderabad, standard gold (22 carat) is priced at Rs 56,832 for 8 grams, and pure gold costs Rs 60,576 for 8 grams.
These variations in gold prices across different cities reflect local demand and supply dynamics, as well as the impact of international market trends. As the market continues to navigate through geopolitical and economic uncertainties, prices are expected to remain volatile.
Future Outlook for Gold and Silver
Looking ahead, experts predict that both gold and silver prices will experience continued volatility. Manoj Kumar Jain of Prithvifinmart Commodity Research suggests that gold prices may hold a support level around $3,200 per troy ounce, while silver could stabilize around $29.88 per troy ounce. The interplay between the dollar index and the ongoing U.S.-China trade tensions will be crucial in determining the trajectory of these precious metals.
As investors remain cautious amid fluctuating economic indicators and geopolitical developments, the demand for gold as a safe-haven asset is likely to persist. The market will closely monitor upcoming economic data releases and any shifts in trade policies that could further impact gold and silver prices in the coming weeks.
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