Gold price trade with gains at around Rs 76,350; silver slumps by nearly Rs 1,750 per kg in 2 sessions

Gold and silver prices in Tuesday's trade -that also marks the last trading session of calendar year 2024 traded mixed. On the MCX, gold February futures were up 0.12 per cent or Rs 94 at Rs 76,354 per 10 gm, while silver March futures were down as much as 0.26 per cent or Rs 231 at Rs 87,300 per kg.

In the previous session, gold and silver prices settled on a weaker note amid an upbeat pending home sales data in the US and steady dollar. Internationally, gold February futures contract were settled at $2,618.10 per troy ounce down by 0.52 per cent and silver March futures contract were settled at $29.412 per troy ounce, down by a significant 1.86 per cent.

Similarly, domestic markets also saw weakness, with gold February futures contract settling at Rs 76,260 per 10 grams with a loss of 0.37 per cent and silver March futures contract settled at Rs 87,531 per kilogram with a loss of 1.53 per cent.

Pending homes sales in the U.S. grew for the fourth straight month in November to return to the highest level since early 2023, by 2.2 per cent as against growth of 1.8 per cent in the preceding month.

The dollar index is also trading steady amid pressure in the global equity markets and traded near 2-year highs. Last the dollar index was down 0.13 per cent at 107.99.

Also, gains in the precious metals remain capped on the back of the US-bond yield sustaining above 4.5 per cent levels. 

Gold and silver support and resistance levels

Manoj Jain, Commodity expert- India Nivesh said, "Gold has support at $2604-2588, while resistance at $2634-2650 per troy ounce and silver has support at $29.10-28.80, while resistance is at $29.66-29.88 per troy ounce in today’s session. At MCX, gold is having support at 76040-75800 and resistance at 76500-76770 while silver is having support at 86800-86150 and resistance at 88200-89000."

The expert suggests staying away from gold and silver in today's session ahead of the new-year holidays in the international markets.