Gold and Silver prices jumped in early trade on Monday on buying demand at lower levels following last week’s decline in bullion prices.
Gold futures contract, August 5 expiry, rose over Rs 700 to an early high at 2,20,408 per 10 grams as compared to last day’s closing of Rs 2,16,403 on Multi Commodity Exchange (MCX).
Similarly, the Silver futures contract, September 4 expiry, rose over Rs 4,000 to an early high of Rs 2,20,408 per kilogram on MCX, against last day’s closing of Rs 2,16,403.
Last seen, MCX Gold was trading at Rs 1,41,152, up 246 points or 0.17 per cent. MCX Silver was quoted at Rs 2,18,593, up Rs 2,190 or 1.01 per cent.
“MCX Silver opened with a gap up and is facing resistance near the Rs 2,20,000 mark, reflecting a cautiously positive undertone. Immediate resistance is placed at Rs 2,20,000-Rs 2,21,000, and a sustained move above this zone could extend the recovery toward Rs 2,24,000-Rs 2,25,000. On the downside, a decisive break below the Rs 2,18,000-Rs 2,17,000 region could accelerate selling pressure and drag prices toward the Rs 2,15,000-Rs 2,14,000 support zone,” said Ponmudi R, CEO of Enrich Money.
24k, 22k Gold Rate Today
The gold rate for all purity levels in the domestic retail market increased a bit on the line of momentum in the futures market. According to bullion.co.in, the 24 karat gold rate today in India is Rs 1,41,920 per 10 grams, 22 karat gold rate today is Rs 1,30,093 per 10 grams.
At the same time, the 20 karat gold rate today is Rs 1,18,267 per 10 grams, while the 18 karat gold rate today is Rs 1,06,440 per 10 grams.
Gold Rate in the International Market
In contrast to the domestic futures market, the gold rate in the international futures market traded slightly lower. Last seen, COMEX Gold was trading at $4,013.80, down $5 or 0.12 per cent. At the same time, COMEX Silver was quoted at $56.88, up $0.5 or 0.98 per cent.