Gold rate today: Gold prices surge to record high of Rs 1.01 lakh per 10 grams; what's the outlook for yellow metal?
Gold rate today : Gold prices reached a historic peak of Rs 1,01,078 per 10 grams on the MCX (August futures), following its closure above Rs 1 lakh on Friday for the first time, supported by global equity pressures and rising crude oil prices.
Silver July futures maintained stability near recent peak levels, commencing trading at Rs 1,06,464 per kg today.
The previous trading day saw positive closures for both precious metals in domestic and international markets. The gold August futures settled at Rs 1,00,276 per 10 grams, showing a 1.91% increase, whilst silver July futures concluded at Rs 1,06,493 per kilogram, registering a 0.57% gain.
The previous week's surge in gold and silver prices was attributed to investors seeking safe-haven assets amidst the Israel-Iran conflict and a weakening dollar index. The decline in global equity markets and the upward movement in crude oil prices provided additional support to precious metal valuations.
Safe-haven demand arising from geopolitical tensions is influencing the movement of gold and silver prices, according to Manoj Kumar Jain from Prithvifinmart Commodity Research. He told ET that gold prices exceeded $3,450 per troy ounce and might reach its previous record high in international markets, with silver likely to follow suit in forthcoming trading sessions.
"We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions, and gold prices could hold their key support level of $3,284 per troy ounce and silver prices could also hold $34.00 per troy ounce levels on a weekly closing basis," Jain added.
Rahul Kalantri, VP Commodities at Mehta Equities was quoted as saying, "With global equities under pressure and crude oil surging, precious metals gained support. Gold may retest its lifetime high soon, and silver is expected to track its movement. A depreciating rupee could further boost domestic bullion prices," Kalantri said.
The US Dollar Index, DXY, was observed trading near 98.28, showing an increase of 0.10 or 0.10%.
Trading Strategy for Gold and Silver
Silver July futures maintained stability near recent peak levels, commencing trading at Rs 1,06,464 per kg today.
The previous trading day saw positive closures for both precious metals in domestic and international markets. The gold August futures settled at Rs 1,00,276 per 10 grams, showing a 1.91% increase, whilst silver July futures concluded at Rs 1,06,493 per kilogram, registering a 0.57% gain.
The previous week's surge in gold and silver prices was attributed to investors seeking safe-haven assets amidst the Israel-Iran conflict and a weakening dollar index. The decline in global equity markets and the upward movement in crude oil prices provided additional support to precious metal valuations.
Safe-haven demand arising from geopolitical tensions is influencing the movement of gold and silver prices, according to Manoj Kumar Jain from Prithvifinmart Commodity Research. He told ET that gold prices exceeded $3,450 per troy ounce and might reach its previous record high in international markets, with silver likely to follow suit in forthcoming trading sessions.
"We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions, and gold prices could hold their key support level of $3,284 per troy ounce and silver prices could also hold $34.00 per troy ounce levels on a weekly closing basis," Jain added.
Rahul Kalantri, VP Commodities at Mehta Equities was quoted as saying, "With global equities under pressure and crude oil surging, precious metals gained support. Gold may retest its lifetime high soon, and silver is expected to track its movement. A depreciating rupee could further boost domestic bullion prices," Kalantri said.
The US Dollar Index, DXY, was observed trading near 98.28, showing an increase of 0.10 or 0.10%.
Trading Strategy for Gold and Silver
- According to Manoj Kumar Jain's analysis, gold trading levels show support at Rs 99,650-99,100 with resistance positioned at Rs 1,01,100-1,01,800. For silver, support levels are at Rs 1,05,800-1,05,000, whilst resistance stands at Rs 1,07,200-1,08,000.
- Given the ongoing Israel-Iran conflict, Jain recommends avoiding short positions in both metals. For gold investments, consider buying between Rs 99,600-99,100, with profit-taking opportunities at Rs 1,01,100-1,01,800.
- For silver transactions, the recommended purchase range lies between Rs 1,05,000-1,04,000, with profit-booking targets at Rs 1,07,200-1,08,000.
- Trading participants are advised to exercise caution and adhere to these specified levels.
- Additionally, Rahul Kalantri identifies gold support at Rs 99,620-99,390 and resistance at Rs 1,00,650-1,00,940. For silver, he places support at Rs 1,05,550-1,04,750 and resistance at Rs 1,06,300-1,06,950.
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