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Gold is trading slightly positive in early trade on Friday. However, silver has slipped as traders opted to book profits after Thursday’s sharp rally.
On MCX, gold February futures were up 0.10% at Rs. 1,32,599 per 10 grams, while Silver March futures dropped 0.50% to Rs. 1,97,951 per kg.
These sharp gains in precious metals over the last session were mainly influenced by US Federal Reserve’s 25-basis-point interest rate cut and its guidance for an additional coming cut next year.
The move weakened the dollar index to a two-month low, making gold more attractive for global buyers. In India, the rupee’s continued weakness against the US dollar has further boosted domestic gold prices, making the metal more expensive.
Global cues remain in focus, with investors eyeing the upcoming US inflation data and non-farm payrolls, which may shape expectations for the Fed’s future monetary steps.
Compared to global markets, Gold prices increased in Mumbai. 24K gold rose to Rs. 13,266 from yesterday’s Rs. 13,075 per gram. The price for 10 grams of 24K gold has also increased to Rs. 1,32,660.00 from Rs. 1,30,750.00.
Similarly, 22K gold prices have also jumped to Rs. 12,160.00 per gram from Rs. 11,985.00; the cost for 10 grams of 22K gold reached Rs. 1,21,600.00 from Rs. 1,19,850.00.
In Delhi, gold prices also increased. 24K gold price per gram trades at Rs. 13,281.00 from the previous price of Rs. 13,090.00.
The price of 10 grams of 24K gold has also increased from Rs. 1,32,810.00 to Rs. 1,30,900.00.
Manoj Kumar Jain of Prithvifinmart expects high volatility and recommends waiting for price corrections before entering long positions. He cautions against short selling due to strong underlying fundamentals.
According to Jain, gold has support at Rs. 1,31,660-Rs. 1,31,000 and resistance at Rs. 1,33,300-Rs. 1,34,000, while silver is supported at Rs. 1,96,600-Rs. 1,94,400 with resistance between Rs. 2,00,000 and Rs. 2,04,000.
Jigar Trivedi of Reliance Securities suggests that investors should ideally wait for a 7-10% correction in silver before accumulating, regardless of whether they invest via futures or ETFs.
Globally, gold has support at $4,230 and resistance near $4,345, while silver may face resistance at $64.40-$64.95.
In international markets, spot gold slipped 0.2% to $4,277.64, easing from its seven-week high as traders booked profits. Silver continued to hover near its record territory. Platinum and palladium also traded lower.
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