Gold Price Today: Yellow metal hits fresh lifetime high of Rs 69,487, gains Rs 1,800/10 grams in opening trade

Gold prices hit a fresh lifetime of Rs 69,487 on Monday, gaining nearly Rs 1,800 per 10 gram in the opening trade, taking cues from international prices as benign US inflation data unleashed the bulls.

At 9:30 am, the MCX April gold futures were trading at Rs 68,930 per 10 grams, up by Rs 1,253 or 1.85% while May silver futures were trading at Rs 75,787 per kg, higher by Rs 739 or 0.98%. Track prices here

Dollar Index (DXY) is hovering above the 104 mark against a basket of six top currencies at 104.33, down by 0.02 points or 0.02%. It has narrowed gains to 0.32% over the past five trading sessions.

MCX Gold and Silver futures ended with gains on Thursday with the April gold contract settling with an uptick of Rs 24 per 10 grams or 0.04% at Rs 67,725. They had hit a lifetime high of Rs 67,859 on Thursday. Meanwhile, the May silver contract ended flat at Rs 75,044, though the bias was slightly negative.

While the dollar index (DXY) is hovering above the 104 mark, it has narrowed its gains over the past five sessions to 26%. On Monday, around 9 am India time, it was trading at 104.50, down by 0.05 points or 0.05%.

Gold has been trading with positivity amid geopolitical tension in the Middle East but the recent uptick in prices has been on account of growing hopes of a rate cut by the US Federal Reserve, Anuj Gupta, Head Commodity & Currency, HDFC Securities said. This analyst sees MCX gold contract trading in a range between Rs 66,330 and 69,300 while silver in the range of Rs 78,900 – Rs 73,400. The prices have risen by 8.17% or Rs 5,110 on MCX in March, Gupta said. On a year-to-date basis, the uptick is Rs 4,474 or 7.08%. As for the silver contract, the previous month’s gains stand at 4.75% or Rs 3,769 while the YTD gains at 0.83% or Rs 618, Gupta added.The price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 68,000 per 10 grams while that of 1 kg of Silver is Rs 76,000, Gupta said. Click to know more

Trading strategy by Anuj Gupta

– Buy MCX June gold futures at Rs 67,900 with a stop loss of Rs 67,000 and a price target of Rs 69,100.

– Buy MCX March silver futures at Rs 76,050 with a stop loss of Rs 75,250 and a price target of Rs 77,350.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)