Gold Price Today: Unstoppable yellow metal hits new all-time high of Rs 71,505. Silver breaches Rs 83,000/kg for first time
Gold bulls unleashed on Wednesday, hitting yet another lifetime high of Rs 71,505 per 10 gram in the opening trade. Silver too joined the party with strong gains after ending the previous session with a fresh all-time high of Rs 83,038.
Around 9:20 am today, the MCX June gold futures were trading at Rs 71,474, up by Rs 134 or 0.19% while the May silver contracts were trading at 82,820 gaining Rs 370 or 0.45% over the last closing.
The domestic prices of gold and silver took cues from the price in international markets.
On the comex, gold was trading at $2,376.50 per troy ounce, higher by $25.50 or 1.08% while silver was trading at $28.130, lower by $0.323 or 1.160%. The sentiments remain bullish on the Street ahead of the US FOMC minutes due for release later today.
The recent uptick has been on account of slippages in the dollar index (DXY) which has declined by 1.30% over the last one month. Today it was hovering near the 104.13 mark, up by 0.02 or 0.02%.
The June Gold futures on MCX ended at Rs 71331 on Tuesday, down by Rs 9 or 0.01%. Meanwhile the May silver futures closed at Rs 82,425, declining by Rs 25 or 0.03%.Commenting on gold’s surge, Anuj Gupta, Head Commodity & Currency, HDFC Securities said that the safe haven demand for yellow metal remains upbeat in anticipation of more cues on US inflation and interest rates. As the tension in the Middle East continues to simmer, the appeal for bullion is expected to further grow, Gupta said as he sees gold trading between Rs 70,500- Rs 72,000 on MCX and silver between Rs 81,000 and Rs 83,000.
The prices have risen by 5.41% or Rs 3,663 on MCX in April so far, Anuj Gupta, Head Commodity & Currency, HDFC Securities said. On the year-to-date basis, the uptick is Rs 8,137 or 12.87%. As for the silver contract, this month’s gains stand at 9.86% or Rs 7402 while the YTD gains are at 10.78% or Rs 8020, Gupta added.
Price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 72,000 per 10 gram while those of 1 kg of silver is Rs 83500, Gupta said.
On the Daily chart, MCX June Gold contract has surpassed its rising channel pattern and showing a pattern of ascending highs and lows which indicates an upward momentum, Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies said.
She warns against the likelihood of pull back in prices amid RSI hitting the overbought zone. The Anand Rathi analyst places resistance at Rs 71,740 – Rs 72150 while support at Rs 70900 – Rs 70500.
Intraday trading strategy by Neha Qureshi
– Buy MCX June Gold futures at Rs 71300 with a stop loss of Rs 70900 and a price target of Rs 71800.
– Buy MCX May Silver futures at Rs 82500 with a stop loss of Rs 81500 and a price target of Rs 84500.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)