Gold and silver prices steady amid market volatility

Gold silver rate (File photo)

The prices of gold remained steady on Saturday at Rs 76,650 per 10 grams, marking a modest increase of 0.10% while silver hovered around Rs 97,260 per kilogram at 1:20 pm.
On Friday, gold April futures contracts on MCX ended flat at Rs 85,820 per 10 grams, down by 0.07%, or Rs 57. Similarly, silver May futures closed flat but with a slight positive trend, at Rs 97,280, up by Rs 79, or 0.08%, according to ET report.
Market experts indicate that gold faces strong resistance at $2,915-$2,925 on COMEX, with the key resistance level for MCX pegged at Rs 86,400. Support is expected between Rs 84,500 and Rs 84,000. A minor correction of Rs 400 was noted on Friday.
According to Jateen Trivedi, VP Research Analyst at LKP Securities, volatility is expected to persist, particularly with the release of key US economic data, including Nonfarm Payrolls and Unemployment figures. Gold’s trading range is anticipated to remain between Rs 84,000 and Rs 86,500.
Gold has long been viewed as 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.
Gold prices in physical markets (March 8)
Delhi

Mumbai

Chennai

Hyderabad

(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.)