Gold Price Today: Yellow metal hits new lifetime high of Rs 69,918/10 grams; 2024 gains swell up to Rs 6,600

Gold hit yet another lifetime high in the opening trade on Thursday taking cues from the international commodity prices. US Fed chair Gerome Powell’s statement that the recent job numbers and higher-than-expected inflation readings do not significantly alter the central bank’s monetary strategy, lifted the investor mood for bullion triggering a fresh wave of buying activity.

The June Gold futures on MCX hit a record high of Rs 69,918 per 10 grams at the opening time. Around 9:20 am they were trading at Rs 69,845 rising Rs 46 or 0.07%. May silver futures also scripted a new high of Rs 79,630 per kg. They were trading at Rs 79,300 around this time, rising Rs 289 or 0.37%.

Click to know more

Powell’s commentary led to slippages in the dollar and aided gold. The dollar index (DXY) was hovering near the 104.20 mark, down by 0.05 or 0.05%. It has declined 0.33% over the last five trading sessions.

On Comex, the gold futures have scripted a lifetime high of $2,308 per troy ounce.

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.The next target for Comex gold is $2,320-$2,400 while for MCX gold it is Rs 70,635-71,750/73,555, Gupta said. As for Comex silver, the HDFC Securities analyst estimates the next targets at $26.94-$28.45/$30.09 and Rs 79,570-84000/87,105 for MCX silver.The prices have risen by 3.14% or Rs 2,122 on MCX in April so far, Anuj Gupta, Head Commodity & Currency, HDFC Securities said. On the year-to-date basis, the uptick is Rs 6,596 or 10.44%. As for the Silver contract, the previous month’s gains stand at 5.28% or Rs 3,963 while the YTD gains at 6.15% or Rs 4,581, Gupta added.

The price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 69,800 per 10 grams while that of 1 kg of Silver is Rs 80,000, Gupta said.

Click to know more

Analyst Neha Qureshi On the Daily chart said that the April MCX Gold contract has surpassed its rising channel pattern and is showing a pattern of ascending highs and lows which indicates an upward momentum. However, the Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies warns against a likely pullback in prices with RSI hitting an overbought zone. She places resistance at Rs 69,990- Rs 70,350 while support at Rs 69,230- Rs 68,980.

Intraday trading strategy by Neha Qureshi


– Buy MCX June Gold futures at Rs 69500 with a stop loss of Rs 68980 and a price target of Rs 70350.

– Buy MCX May Silver futures at Rs 78500 with a stop loss of Rs 77700 and a price target of Rs 79800.

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

Source link

Denial of responsibility! NewsConcerns is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a Comment