Gold price today: Gold April futures on MCX soared beyond Rs 86,000/10 gram, with the precious metal beginning Tuesday at a fresh peak of Rs 86,350 per 10 grams, showing a rise of 0.62% or Rs 534.
Silver March futures were up by 0.08% or Rs 72, trading at Rs 95,373/kg.
The domestic market showed mixed results on Monday, whilst international markets remained positive. This mixed performance continued despite the rupee's weakness.
The April gold futures finished at Rs 85,816 per 10 grams, rising by 1.09%, whilst March silver futures closed at Rs 95,295 per kilogram, declining by 0.04%.
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"Gold prices also gained after China started a pilot program that allowed insurers to buy gold for the first time and that move could free up to $27 billion of funds. Gold prices are moving towards $3,000 per troy ounce levels. However, the dollar index also gained and crossed 108 marks and could limit gains of precious metals," Manoj Kumar Jain of Prithvifinmart Commodity Research was quoted as saying by ET.
The US Dollar Index, DXY, showed a 0.13% increase of 0.14, reaching near 108.46.
"We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US trade war and ahead of the US Fed Chairman's testify," Jain added.
Gold Price Ranges by Manoj Kumar Jain:MCX gold shows support levels at Rs 85,350-84,800 whilst resistance levels are at Rs 86,200-86,650.
For silver, support levels are at Rs 94,400-93,750 whilst resistance levels stand at Rs 96,000-96,650.
The expert advises purchasing silver near Rs 95,000, setting a stop loss at Rs 94,350, aiming for Rs 96,600.
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