Date : 08-04-2024
The current market saw a notable surge in the prices of gold and silver today, marking a significant milestone. On the MCX, the June contract for gold commenced trading at Rs 70,999 (per 10 grams) and soared to a peak of Rs 71,080, reflecting a gain of over 0.60 percent. By 10 AM, the price of gold stood at Rs 71,030, exhibiting a steady rise.Similarly, the May contract for silver (1 Kg) witnessed a rise of more than 1.25 percent, reaching a high of Rs 82,064. At 10 AM, it was quoted at Rs 81,931.
The city-wise gold rates for today (24K) are as follows:
– Delhi: Rs 71,430 per 10 grams
– Mumbai: Rs 71,280 per 10 grams
– Kolkata: Rs 71,280 per 10 grams
– Chennai: Rs 72,650 per 10 grams
– Bangalore: Rs 71,280 per 10 grams
– Hyderabad: Rs 71,280 per 10 grams
– Ahmedabad: Rs 71,330 per 10 grams
– Vadodara: Rs 71,330 per 10 grams
– Surat: Rs 71,670 per 10 grams
– Pune: Rs 71,280 per 10 grams
– Nagpur: Rs 71,620 per 10 grams
– Jaipur: Rs 71,770 per 10 grams
– Lucknow: Rs 71,770 per 10 grams
– Patna: Rs 71,670 per 10 grams
– Chandigarh: Rs 71,770 per 10 grams
– Bhubaneswar: Rs 71,620 per 10 grams
On Friday, the spot gold prices surged by 1.76 percent, closing at $2330, marking a third consecutive week of gains. It reached a new record high just above $2330, recording a significant weekly gain of nearly 4.50 percent.
Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, noted that on Friday, the 10-year US yields experienced an increase of 2.14 percent, reaching around 4.70 percent for the week. The two-year US yields closed at 4.76 percent, rising by 2.26 percent on Friday and around 2.50 percent for the week.
Singh also mentioned that the surge in gold prices might partly be attributed to escalating tensions in the Middle East, particularly regarding the potential for a direct conflict between Israel and Iran, although no significant developments have occurred on that front.
Rahul Kalantri, VP Commodities at Mehta Equities, expressed that geopolitical uncertainties and expectations of rate cuts are likely to sustain the upward momentum of gold and silver prices in the forthcoming sessions. He projected that gold could potentially test $2,355, while silver may reach $29 per troy ounce. In terms of INR, gold is expected to find support at Rs 70,380 and Rs 70,120, with resistance at Rs 70,880 and Rs 71,120. Silver’s support levels are anticipated to be at Rs 80,140-79,580, with resistance at Rs 81,140 and Rs 81,780.
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