Gold price today: gold prices The index reached a new all-time high on Thursday, weighed down by global conditions Commodity prices. Chairman of the US Federal Reserve Jerome PowellThe central bank's statement, indicating that the latest jobs numbers and higher-than-expected inflation will not change the central bank's monetary strategy much, boosted investor confidence in gold, leading to increased buying activity.
According to ET, June gold futures on MCX It reached a peak of Rs 69,918 per 10 gram on opening. By 9:20 am, it was trading at Rs 69,845, showing a rise of Rs 46 or 0.07%. Likewise, May Silver futures It hit a new high of Rs 79,630 per kg and was trading at Rs 79,300, up Rs 289 or 0.37% around the same time.
Powell's statements caused the dollar to decline, which in turn supported gold prices. The Dollar Index (DXY) was around 104.20, registering a decline of 0.05 or 0.05%. Over the past five trading sessions, it has fallen by 0.33%.
Gold futures reached a record high of $2,308 per ounce on the Comex.
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Gold is witnessing positive trading dynamics, partly due to geopolitical tensions in the Middle East. However, the recent increase in prices is primarily due to growing expectations of an interest rate cut by the Federal Reserve US Federal ReserveAccording to Anuj Gupta, Head of Commodities and Currencies at HDFC Securities.
He points out that the upcoming targets for COMEX gold range from $2,320 to $2,400, while for COMEX gold, Missex Gold, it is expected to range between Rs 70,635 and Rs 71,750 or even Rs 73,555. Regarding COMEX silver, HDFC Securities expects targets of $26.94 to $28.45, and MCX silver is expected to reach anywhere from Rs 79,570 to Rs 84,000 or even Rs 87,105.
Anuj Gupta also mentioned that MCX prices rose by 3.14% or Rs 2,122 in April. Year-to-date, the rise is Rs 6,596 or 10.44%. For silver contracts, gains in the previous month were 5.28% or Rs 3,963, with annual gains of 6.15% or Rs 4,581.
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The gold price in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 69,800 per 10 gram. In addition, he stated that the price of 1 kg of silver is Rs 80,000.
Neha Qureshi, Senior Technical and Derivatives Analyst at Anand Rathi Commodities and Currencies, noted on the daily chart that the April MCX gold contract has broken out of an ascending channel pattern and is now showing a series of bullish highs and lows, indicating an upward trend. However, it warned of a possible price pullback as the Relative Strength Index (RSI) entered the overbought zone. Qureshi set resistance levels at Rs 69,990 to Rs 70,350 and support levels at Rs 69,230 to Rs 68,980.
Neha Qureshi's daily 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 stop loss at Rs 77,700 and target price of Rs 79,800.
According to ET, June gold futures on MCX It reached a peak of Rs 69,918 per 10 gram on opening. By 9:20 am, it was trading at Rs 69,845, showing a rise of Rs 46 or 0.07%. Likewise, May Silver futures It hit a new high of Rs 79,630 per kg and was trading at Rs 79,300, up Rs 289 or 0.37% around the same time.
Powell's statements caused the dollar to decline, which in turn supported gold prices. The Dollar Index (DXY) was around 104.20, registering a decline of 0.05 or 0.05%. Over the past five trading sessions, it has fallen by 0.33%.
Gold futures reached a record high of $2,308 per ounce on the Comex.
Read also | Why are foreigners shopping for Indian stocks? Total purchases by foreign funds reached a record high of Rs 4 lakh crore in March
Gold is witnessing positive trading dynamics, partly due to geopolitical tensions in the Middle East. However, the recent increase in prices is primarily due to growing expectations of an interest rate cut by the Federal Reserve US Federal ReserveAccording to Anuj Gupta, Head of Commodities and Currencies at HDFC Securities.
He points out that the upcoming targets for COMEX gold range from $2,320 to $2,400, while for COMEX gold, Missex Gold, it is expected to range between Rs 70,635 and Rs 71,750 or even Rs 73,555. Regarding COMEX silver, HDFC Securities expects targets of $26.94 to $28.45, and MCX silver is expected to reach anywhere from Rs 79,570 to Rs 84,000 or even Rs 87,105.
Anuj Gupta also mentioned that MCX prices rose by 3.14% or Rs 2,122 in April. Year-to-date, the rise is Rs 6,596 or 10.44%. For silver contracts, gains in the previous month were 5.28% or Rs 3,963, with annual gains of 6.15% or Rs 4,581.
Read also | Top SMB IPOs Based on Returns: Why Holding Smaller Stocks Longer Makes Sense
The gold price in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 69,800 per 10 gram. In addition, he stated that the price of 1 kg of silver is Rs 80,000.
Neha Qureshi, Senior Technical and Derivatives Analyst at Anand Rathi Commodities and Currencies, noted on the daily chart that the April MCX gold contract has broken out of an ascending channel pattern and is now showing a series of bullish highs and lows, indicating an upward trend. However, it warned of a possible price pullback as the Relative Strength Index (RSI) entered the overbought zone. Qureshi set resistance levels at Rs 69,990 to Rs 70,350 and support levels at Rs 69,230 to Rs 68,980.
Neha Qureshi's daily 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 stop loss at Rs 77,700 and target price of Rs 79,800.
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