Gold and Silver Prices Remain Steady

In a surprising turn of events, gold and silver prices have remained steady amidst market volatility. Gold was recorded at Rs 76,650 per 10 grams, a slight increase of 0.10%, while silver hovered around Rs 97,260 per kilogram.

Market experts suggest that gold faces strong resistance at $2,915-$2,925 on COMEX, with key resistance levels for MCX pegged at Rs 86,400. Support is expected between Rs 84,500 and Rs 84,000, indicating a minor correction of Rs 400 noted recently.

Volatility Expected to Persist

According to Jateen Trivedi, VP Research Analyst at LKP Securities, the market is expected to remain volatile, especially with the upcoming release of key US economic data, including Nonfarm Payrolls and Unemployment figures. The trading range for gold is anticipated to stay between Rs 84,000 and Rs 86,500, making it a critical period for investors.

Gold: A Safe Haven Asset

Gold has always been considered a safe haven asset due to its enduring value during times of economic uncertainty, market fluctuations, and geopolitical instability. Unlike paper currencies, which can lose value through inflation or government policies, gold maintains intrinsic worth, making it a favored investment choice during financial crises and periods of currency devaluation.

Physical Market Prices

In the physical markets, standard gold (22 carat) and pure gold (24 carat) prices vary across different cities. For instance, in Delhi, standard gold is priced at Rs 57,520 per 8 grams, while pure gold is at Rs 61,320 per 8 grams. Similar variations are observed in Mumbai, Chennai, and Hyderabad, reflecting the dynamic nature of the gold market.

Disclaimer: The opinions, analyses, and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.