Gold prices shine at lifetime high of Rs 1,06,199/10 gm as safe-haven rush intensifies
On the contrary, silver December futures contracts were trading flat at Rs 1,24,476/kg, with a marginal loss of Rs 54 or 0.04%.
The precious metal’s rally comes on the back of escalating trade tensions, a volatile dollar index, weakness in global equities, and expectations of a potential U.S. Federal Reserve rate cut later this month.
Internationally, gold has been on a steady upward trajectory, with December futures settling at $3,592.20 per troy ounce in Tuesday’s trade, up 1.31%, inching closer to the $3,600 mark. Silver, however, saw mild profit-taking, settling at $41.592 per troy ounce, down 0.15%.
Domestically, on Tuesday, silver December futures closed at Rs 1,24,530 per kg with a marginal loss, highlighting the divergence in investor sentiment toward the two metals.
Analysts pointed to a combination of geopolitical and macroeconomic drivers fueling the surge in bullion prices.Manoj Kumar Jain of Prithvifinmart Commodity Research noted, “Gold and silver settled on a mixed note in a highly volatile session; gold prices surged to record highs amid safe-haven buying. Trend is volatile.”He added that, “Safe-haven buying due to U.S. trade tariff uncertainty, weakness in the global equity markets and Fed rate cut hopes are supporting prices of gold and silver.”
Echoing similar views, Rahul Kalantri, VP Commodities at Mehta Equities, remarked, “Gold and silver prices witnessed high volatility amid a rebound in the dollar index. Gold: Prices gained further and hit a fresh lifetime high in the international as well as domestic markets. Silver show mild profit taking from higher levels. Safe-haven buying due to U.S. trade tariff uncertainty, weakness in the global equity markets.”
Kalantri also drew attention to monetary policy cues, saying, “Investors anticipate the Federal Reserve could lower rates this month after Chair Jerome Powell hinted at policy flexibility, with markets awaiting Friday’s jobs report for confirmation.”
Today, the US Dollar Index, DXY, was hovering near the 98.47 mark, gaining 0.07 or 0.07%.
How to trade gold?
Jain emphasized the volatility in the market, projecting that gold, on the domestic front, has support at Rs 1,05,150–1,04,600 and resistance at Rs 1,06,350–1,07,000, while silver has support at Rs 1,23,500–1,22,200 and resistance at Rs 1,25,200–1,26,600.
He suggested investors “book profits in gold and silver in the long positions as the market is in a highly overbought zone.”
In terms of technical outlook, Kalantri noted that in India, gold has support at Rs 1,05,240–1,04,840 and resistance at Rs 1,06,450–1,06,950. For silver, he pegged support at Rs 1,22,050–1,21,250 and resistance at Rs 1,23,750–1,24,550.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 58,152/8 grams while pure gold (24 carat) prices stand at Rs 62,080/8 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 60,576/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,624/8 grams while pure gold (24 carat) prices stand at Rs 60,392/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,864/8 grams while pure gold (24 carat) prices stand at Rs 60,576/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)