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Gold rate today: Gold prices reached a new all-time high of Rs 71,150 per 10 grams on the MCX on Tuesday, following international price trends. By 10 AM, June gold futures were trading at Rs 71,130, up by Rs 218 or 0.31% from Monday’s close.
According to ET, simultaneously, the May silver contract experienced a slight dip, trading at Rs 81,814, down by Rs 61 or 0.07%.
Bullion prices have risen due to expectations of interest rate cuts by the US Federal Reserve and increased buying by global central banks. Market observers are now keenly awaiting the release of the US Federal Open Market Committee (FOMC) minutes scheduled for Wednesday, which could further influence trading sentiment.
The recent rise in gold prices has been attributed to declines in the dollar index (DXY), which fell by 0.63% over the last five trading sessions. Today, it was hovering around the 104.16 mark, a slight increase of 0.02%.
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The June Gold futures on MCX closed at Rs 70,931 on Monday, up by Rs 19 or 0.03%. Meanwhile, the May silver futures reached a lifetime high of Rs 82,109 per kilogram before ending the Monday session at Rs 81,875.
On the global front, Comex gold futures hit a record high of $2,372 per troy ounce.
Anuj Gupta, Head of Commodity & Currency at HDFC Securities, expects that the gold rally will likely persist, with Comex gold potentially reaching between $2,370 and $2,400 in the short term, according to his view.
Regarding MCX gold, Anuj Gupta notes that the June contract faces resistance levels at Rs 72,650-73,555, with support levels positioned at Rs 69,200-69,022.
He also mentioned that prices have surged by 4.78% or Rs 3,235 on MCX in April so far. Additionally, on a year-to-date basis, there has been an increase of Rs 7,709 or 12.20%.
Regarding the Silver contract, Gupta adds that this month’s gains amount to 9.10% or Rs 6,827, while year-to-date gains are at 10% or Rs 7,445.
Gupta stated that the price of gold in major physical bullion markets such as Delhi, Ahmedabad, and other cities is Rs 71,300 per 10 grams. Additionally, he mentioned that the price of 1 kilogram of silver is Rs 82,500.
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According to Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies, gold prices are currently very high, nearly reaching $2,340 per ounce. She emphasized that people are closely monitoring US inflation data as it may indicate whether interest rates will rise or fall. If inflation shows signs of slowing down, there is a possibility that the Federal Reserve might decrease rates. Qureshi pointed out that gold has become more expensive by over 17% since mid-February, surprising some observers. Despite initial expectations of three interest rate cuts, it now appears that only two cuts might occur.
Qureshi mentioned that the rise in gold prices can be attributed to various factors, including tensions in regions like the Middle East and Ukraine, as well as increased gold purchases by countries like China.
Analysing the daily chart, she observed that the MCX April Gold contract has exceeded its upward channel pattern and is displaying a pattern of rising highs and lows, indicating a strong upward momentum. However, she cautioned against the possibility of a price pullback as the Relative Strength Index (RSI) approaches the overbought zone. The Anand Rathi analyst identified resistance levels at Rs 71,300 – Rs 71,800 and support levels at Rs 70,400 – Rs 69,900.
Qureshi also suggests an intraday trading strategy:
– Purchase MCX June gold futures at Rs 70,900 with a stop loss set at Rs 70,500, and aim for a price target of Rs 71,300.
– Invest in MCX May silver futures at Rs 81,900 with a stop loss placed at Rs 80,900, targeting a price of Rs 83,900.
According to ET, simultaneously, the May silver contract experienced a slight dip, trading at Rs 81,814, down by Rs 61 or 0.07%.
Bullion prices have risen due to expectations of interest rate cuts by the US Federal Reserve and increased buying by global central banks. Market observers are now keenly awaiting the release of the US Federal Open Market Committee (FOMC) minutes scheduled for Wednesday, which could further influence trading sentiment.
The recent rise in gold prices has been attributed to declines in the dollar index (DXY), which fell by 0.63% over the last five trading sessions. Today, it was hovering around the 104.16 mark, a slight increase of 0.02%.
ALSO READ | Big PLI impact! Local production of electronics parts gets a boost; imports of completely boxed smartphones decline 40%
The June Gold futures on MCX closed at Rs 70,931 on Monday, up by Rs 19 or 0.03%. Meanwhile, the May silver futures reached a lifetime high of Rs 82,109 per kilogram before ending the Monday session at Rs 81,875.
On the global front, Comex gold futures hit a record high of $2,372 per troy ounce.
Anuj Gupta, Head of Commodity & Currency at HDFC Securities, expects that the gold rally will likely persist, with Comex gold potentially reaching between $2,370 and $2,400 in the short term, according to his view.
Regarding MCX gold, Anuj Gupta notes that the June contract faces resistance levels at Rs 72,650-73,555, with support levels positioned at Rs 69,200-69,022.
He also mentioned that prices have surged by 4.78% or Rs 3,235 on MCX in April so far. Additionally, on a year-to-date basis, there has been an increase of Rs 7,709 or 12.20%.
Regarding the Silver contract, Gupta adds that this month’s gains amount to 9.10% or Rs 6,827, while year-to-date gains are at 10% or Rs 7,445.
Gupta stated that the price of gold in major physical bullion markets such as Delhi, Ahmedabad, and other cities is Rs 71,300 per 10 grams. Additionally, he mentioned that the price of 1 kilogram of silver is Rs 82,500.
ALSO READ | Russian oil dominates India’s oil imports; share of Iraq, Saudi Arabia, UAE and US falls
According to Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies, gold prices are currently very high, nearly reaching $2,340 per ounce. She emphasized that people are closely monitoring US inflation data as it may indicate whether interest rates will rise or fall. If inflation shows signs of slowing down, there is a possibility that the Federal Reserve might decrease rates. Qureshi pointed out that gold has become more expensive by over 17% since mid-February, surprising some observers. Despite initial expectations of three interest rate cuts, it now appears that only two cuts might occur.
Qureshi mentioned that the rise in gold prices can be attributed to various factors, including tensions in regions like the Middle East and Ukraine, as well as increased gold purchases by countries like China.
Analysing the daily chart, she observed that the MCX April Gold contract has exceeded its upward channel pattern and is displaying a pattern of rising highs and lows, indicating a strong upward momentum. However, she cautioned against the possibility of a price pullback as the Relative Strength Index (RSI) approaches the overbought zone. The Anand Rathi analyst identified resistance levels at Rs 71,300 – Rs 71,800 and support levels at Rs 70,400 – Rs 69,900.
Qureshi also suggests an intraday trading strategy:
– Purchase MCX June gold futures at Rs 70,900 with a stop loss set at Rs 70,500, and aim for a price target of Rs 71,300.
– Invest in MCX May silver futures at Rs 81,900 with a stop loss placed at Rs 80,900, targeting a price of Rs 83,900.
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