Gold price today: Yellow metal eases after hitting record high, silver climbs

Gold, Silver prices in India on July 10: Gold price in India struggled erased gains on Friday after hitting a record high on profit-booking. Gold and silver prices in the commodity market have been hitting new highs recently as traders shunned risk and sought safe havens during pandemic times.

Gold prices rose to a lifetime high of Rs 49,348 per 10 gram on Thursday amid gain in overseas prices of the bullion metal. Today, Gold Futures on MCX touched the day's high at Rs 48,948 per 10 gm, rising Rs 70 as against the previous closing of 48,878. Gold August Futures opened at 48,919 and also touched an intraday low of Rs 48,842 per 10 gm.

Precious metals traded on a steady note amid resurging virus cases and further stimulus action from central banks. Tracking firm global rates, silver futures were up by Rs 190 at Rs 51,285 per kg after closing at Rs 51,091 yesterday.

From the lows reached in March, when the coronavirus pandemic started to spread, of Rs 38,500 per 10 grams, yellow metal prices surged over 22% to fresh all-time highs.

Overseas, spot bullion was little changed at $1,799 per ounce, after hitting $1800 mark, the highest since September 2011 as investors ran for safety given the rising coronavirus situation. While the yellow metal was steady today, silver quoted at $18.94 per ounce on the international commodity market.

In terms of Spot gold's technical outlook, experts suggest that prices will continue to edge higher as long as it stays above $1770.

Resistances for spot gold are seen at $1830 followed by $1882, said Geojit Financial in its note and added that an unexpected drop below $1720 could negate the buying momentum and take prices lower.

For MCX Gold Aug Futures, resistance is placed at Rs 49,820-51,500 and support at Rs 48,150, it added.

While gold in the retail market it has jumped 25.8% so far this year, experts suggest that the yellow metal is expected to touch up to Rs 55,000 per 10 grams by the end of 2020. As per the Good Returns website, the price of 22-carat gold in New Delhi rose to Rs 47,900 per 10 gram, while the rate was Rs 47,400 per 10 gm in  Mumbai.

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