Gold Rate Today: Yellow metal hits new high, tops Rs 64,000 on MCX amid Fed rate cut hopes
In the international market too, gold crossed the $2,100 mark to hit a new high amid growing belief that the US Federal Reserve could begin a rate cut cycle sooner than later. Last week Chair Jerome Powell said that the Central Bank is now convinced that the elevated rate regime was slowing the economy, lending hopes that the rate hike cycle is over.
MCX February gold futures were trading at Rs 63877, up Rs 520 or 0.82% from Friday’s closing price. Meanwhile, the March Silver futures were trading at Rs 78279 per kg, higher by Rs 192 or 0.25%. Read More (https://economictimes.indiatimes.com/commoditysummary/symbol-GOLD.cms)
On Comex, Gold futures were trading at $2,108.70 per troy ounce, up by $19 or 0.91% while Silver futures were trading at $25.940, higher by 0.083 or 0.320%.
The gains in bullion were despite the dollar index (DXY) holding steady above the 103 mark against a basket of six major currencies though the bias was positive.
On Friday, the February contract hit a new lifetime high of Rs 63,382 and ended the session flat at Rs 63,355. As for Silver futures, the March contract settled at Rs 77,965, down by Rs 122 or 0.16%.
Anuj Gupta, Head Commodity & Currency, HDFC Securities expects gold to trade in a bullish zone. For Comex gold, the immediate resistance is at $2,084 and above that the price can rally towards $2,126 level while the support is seen at $2,053-$2,027, Gupta said.This analyst sees Comex silver also trading with strong bias with first resistance at $26 and thereafter a rally up to $27.5 is on the cards. It has support at $24.88 and $24.25.
For MCX Gold Feb futures, resistance is seen at Rs 63,726 – Rs 64,800 while support is at Rs 62,860 – Rs 62,270. Meanwhile MCX silver has resistance at Rs 80,040 – Rs 82,800 and support at Rs 76,300, Gupta said.
The price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 64,500 per 10 grams while that of 1 kg of silver is Rs 79,500. Click to know more (https://economictimes.indiatimes.com/markets/gold-rate-in-delhi-today)
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