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Gold rate today: Gold prices reached a new all-time high on Thursday, influenced by global commodity prices. US Fed Chair Jerome Powell‘s statement, indicating that recent job numbers and higher-than-expected inflation wouldn’t change the central bank’s monetary strategy much, boosted investor confidence in gold, sparking increased buying activity.
According to ET, June Gold futures on MCX reached a peak of Rs 69,918 per 10 grams at the opening.By 9:20 AM, they were trading at Rs 69,845, showing a rise of Rs 46 or 0.07%. Similarly, May silver futures hit a new high of Rs 79,630 per kg and were trading at Rs 79,300, up by Rs 289 or 0.37% around the same time.
Powell’s remarks caused the dollar to weaken, which in turn supported gold prices. The dollar index (DXY) was around the 104.20 mark, showing a decrease of 0.05 or 0.05%. Over the last five trading sessions, it has declined by 0.33%.
Gold futures reached a record high of $2,308 per troy ounce on Comex.
Also Read | Why are foreigners shopping for Indian stocks? Foreign funds’ gross purchases at record high of Rs 4 lakh crore in March
Gold has been experiencing positive trading dynamics, partly due to geopolitical tensions in the Middle East. However, the recent increase in prices is primarily attributed to growing expectations of a rate cut by the US Federal Reserve, as stated by Anuj Gupta, Head Commodity & Currency at HDFC Securities.
He suggests that the upcoming targets for Comex gold range from $2,320 to $2,400, while for MCX gold, they are projected to be between Rs 70,635 and Rs 71,750 or even Rs 73,555. Regarding Comex silver, HDFC Securities predicts targets ranging from $26.94 to $28.45, with MCX silver expected to reach anywhere from Rs 79,570 to Rs 84,000 or even Rs 87,105.
Anuj Gupta also mentioned that prices on MCX have increased by 3.14% or Rs 2,122 in April. Year-to-date, the rise stands at Rs 6,596 or 10.44%. For silver contracts, the gains in the previous month were 5.28% or Rs 3,963, with year-to-date gains at 6.15% or Rs 4,581.
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The price of gold in major physical bullion markets such as Delhi, Ahmedabad, and other cities is Rs 69,800 per 10 grams. Additionally, he mentioned that the price of 1 kg of silver is Rs 80,000, he further stated.
Neha Qureshi, a Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies, noted on the Daily chart that the April MCX Gold contract has broken its rising channel pattern and is now displaying a series of ascending highs and lows, suggesting an upward trend. However, she cautioned against a potential price pullback as the Relative Strength Index (RSI) has entered the overbought zone. Qureshi identified resistance levels at Rs 69,990 to Rs 70,350 and support levels at Rs 69,230 to Rs 68,980.
Neha Qureshi’s intraday trading strategy is as follows:
– Buy MCX June Gold futures at Rs 69,500 with a stop loss at Rs 68,980 and a target price of Rs 70,350.
– Buy MCX May Silver futures at Rs 78,500 with a stop loss at Rs 77,700 and a target price of Rs 79,800.
According to ET, June Gold futures on MCX reached a peak of Rs 69,918 per 10 grams at the opening.By 9:20 AM, they were trading at Rs 69,845, showing a rise of Rs 46 or 0.07%. Similarly, May silver futures hit a new high of Rs 79,630 per kg and were trading at Rs 79,300, up by Rs 289 or 0.37% around the same time.
Powell’s remarks caused the dollar to weaken, which in turn supported gold prices. The dollar index (DXY) was around the 104.20 mark, showing a decrease of 0.05 or 0.05%. Over the last five trading sessions, it has declined by 0.33%.
Gold futures reached a record high of $2,308 per troy ounce on Comex.
Also Read | Why are foreigners shopping for Indian stocks? Foreign funds’ gross purchases at record high of Rs 4 lakh crore in March
Gold has been experiencing positive trading dynamics, partly due to geopolitical tensions in the Middle East. However, the recent increase in prices is primarily attributed to growing expectations of a rate cut by the US Federal Reserve, as stated by Anuj Gupta, Head Commodity & Currency at HDFC Securities.
He suggests that the upcoming targets for Comex gold range from $2,320 to $2,400, while for MCX gold, they are projected to be between Rs 70,635 and Rs 71,750 or even Rs 73,555. Regarding Comex silver, HDFC Securities predicts targets ranging from $26.94 to $28.45, with MCX silver expected to reach anywhere from Rs 79,570 to Rs 84,000 or even Rs 87,105.
Anuj Gupta also mentioned that prices on MCX have increased by 3.14% or Rs 2,122 in April. Year-to-date, the rise stands at Rs 6,596 or 10.44%. For silver contracts, the gains in the previous month were 5.28% or Rs 3,963, with year-to-date gains at 6.15% or Rs 4,581.
Also Read | Top SME IPOs based on returns: Why holding smaller stocks for a longer duration makes sense
The price of gold in major physical bullion markets such as Delhi, Ahmedabad, and other cities is Rs 69,800 per 10 grams. Additionally, he mentioned that the price of 1 kg of silver is Rs 80,000, he further stated.
Neha Qureshi, a Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies, noted on the Daily chart that the April MCX Gold contract has broken its rising channel pattern and is now displaying a series of ascending highs and lows, suggesting an upward trend. However, she cautioned against a potential price pullback as the Relative Strength Index (RSI) has entered the overbought zone. Qureshi identified resistance levels at Rs 69,990 to Rs 70,350 and support levels at Rs 69,230 to Rs 68,980.
Neha Qureshi’s intraday trading strategy is as follows:
– Buy MCX June Gold futures at Rs 69,500 with a stop loss at Rs 68,980 and a target price of Rs 70,350.
– Buy MCX May Silver futures at Rs 78,500 with a stop loss at Rs 77,700 and a target price of Rs 79,800.
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