Gold and Silver Market Overview

Gold rate today: MCX Gold June futures contracts saw an increase of Rs 208 or 0.22%, opening at Rs 96,120 per 10 grams on Friday. This follows a slight dip from peak levels earlier in the week. Meanwhile, Silver May futures contracts started flat at Rs 97,440 per kilogram, showing a minimal decrease of Rs 71 or 0.07%.

Yesterday's Market Performance

Gold June futures finalized at Rs 95,912 per 10 grams, gaining 1.26%, while silver May futures concluded at Rs 97,511 per kilogram, declining 0.29%. Both precious metals displayed significant price fluctuations, with gold demonstrating a robust recovery on Thursday following Wednesday's decline.

Factors Influencing Gold Prices

Gold prices returned above $3,300 per troy ounce as investors took advantage of reduced prices. This movement was influenced by increased U.S. unemployment claims and China's indication of economic stimulus measures. U.S. unemployment claims rose to 222,000 from the previous 215,000, while existing home sales decreased to 4.02 million units from 4.27 million units.

Market Outlook

"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 per 8 grams, whilst pure gold (24 carat) is priced at Rs 61,768 per 8 grams.

Mumbai Market Update
In Mumbai, standard gold (22 carat) is valued at Rs 56,984 per 8 grams, whilst pure gold (24 carat) is available at Rs 60,752 per 8 grams.

Chennai Market Update
The standard gold (22 carat) rate in Chennai is Rs 56,768 per 8 grams, whilst pure gold (24 carat) is trading at Rs 60,536 per 8 grams.

Hyderabad Market Update
For Hyderabad, standard gold (22 carat) is priced at Rs 56,832 per 8 grams, whilst pure gold (24 carat) costs Rs 60,576 per 8 grams.