Gold Price Today: Yellow metal hits new lifetime high, inches towards Rs 90,000/10 gms
Gold April futures contracts at MCX scaled a new peak of Rs 89,796 per 10 grams on Thursday, rising nearly Rs 400, close to the psychological mark of Rs 90,000, after the US Fed kept the interest rate unchanged.
Meanwhile, silver May futures contracts also opened higher, trading at Rs 1,00,5166/kg, up by 0.59% or Rs 592, after witnessing profit booking in Wednesday’s intraday trade.
On Wednesday, gold and silver settled on a weaker note in the domestic market, due to a strength in rupee, while it settled on a mixed note in the international markets. Gold April futures contract settled at Rs88,602 per 10 grams with a loss of 0.14% and silver May futures contract settled at Rs99,924 per kilogram with a loss of 1.33%.
Gold and silver showed very high price volatility in the early trading session but were unable to hold its gains ahead of the FOMC meeting outcomes.
However, the U.S. Fed left key interest rates unchanged in the range of 4.25%-4.50% as per market expectations and also maintains forward guidance on interest rates. The U.S. Fed sees key interest rates ending this year at 3.9%, and rates to fall further by end of 2026 at 3.4% and by the end of 2027 at 3.1%. No change from the December policy meetings in the forward guidance of key interest rates but higher inflation and lower growth prospects could continue to support safe-haven buying for precious metals.
“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US trade war but gold and silver could hold its key support levels of $2,922 and $32.40 per troy ounce levels respectively on a weekly closing basis,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Today, the US Dollar Index, DXY, was hovering near the 103.38 mark, falling 0.05 or 0.05%.
Ranges for gold and silver by Manoj Kumar Jain:
- At MCX, gold has support at Rs 88,360-88,080 and resistance at Rs 88,880-89,300.
- Silver has support at Rs 99,200-98,400 and resistance at Rs 1,00,750-1,02,000.
Jain suggests buying gold above Rs 88,800 with a stop loss of Rs 88,550 for a target of Rs 89,300 and also suggests buying silver above Rs 1,00,000 with a stop loss of Rs 99,200 for a target of Rs 1,02,000.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,992/8 grams while pure gold (24 carat) prices stand at Rs 61,784/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 56,712/8 grams while pure gold (24 carat) prices stand at Rs 60,448/8 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 60,448/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,120/8 grams while pure gold (24 carat) prices stand at Rs 60,928/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)