Gold Price Today: Yellow metal hits new all-time high, crosses Rs 81k/10 gms mark
Gold April futures contracts at MCX surged above the Rs 81k mark, making a new all-time high of Rs 81,1128/10 grams in Thursday’s intraday trade, gaining 0.31% or Rs 254.
On Wednesday, the contracts for April delivery climbed Rs 199, or 0.2%, to hit a fresh peak of Rs 81,098 per 10 grams for the first time, meanwhile, gold contracts for February delivery rose Rs 228 to hit a fresh lifetime high of Rs 80,517 per 10 grams.
Meanwhile, silver March futures contracts were trading at Rs 92,280/kg, up by 0.45% or Rs 414 around 10:30 am.
In the previous trading session, gold and silver settled on a mixed note in the domestic and international markets.
“Gold and silver showed high volatility and were settled on a mixed note after the US Fed left interest rates unchanged at 4.50%. Gold prices slipped from session highs as the US Fed shows concerns about inflation,” said Manoj Kumar Jain of Prithvi finmart Commodity Research.
As per the US Fed unemployment rate is stabilized and the labor market is solid. Market analysts are also worried about higher inflation due to Trump’s tariff plan. On the other side, the Bank of Canada cut interest rates by 25 basis points to 3.0% and the European Central Bank could also cut interest rates this week and support prices of precious metals.Today, the US Dollar Index, DXY, was hovering near the 107.84 mark, falling 0.16 or 0.15%.“Gold and silver are holding its key support levels of $2,634 and $29.50 per troy ounce levels respectively on a weekly closing basis in the international markets. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and volatility in the global financial markets and ahead of the ECB monetary policy meetings,” Jain added.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 80,600-80,350 and resistance at Rs 81,220-81,500.
- Silver has support at Rs 91,100-90,450 and resistance at Rs 92,600-93,300.
Jain suggests buying silver around Rs 91,400 with a stop loss of Rs 90,650 for a target of Rs 93,000.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,296/8 grams while pure gold (24 carat) prices stand at Rs 62,1528 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 56,832/8 grams while pure gold (24 carat) prices stand at Rs 60,520/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,720/8 grams while pure gold (24 carat) prices stand at Rs 60,424/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,832/8 grams while pure gold (24 carat) prices stand at Rs 60,536/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)