Gold price today: Gold prices rose by ₹274 to ₹97,297 per 10 grams in futures trading on Wednesday, driven by strong demand in the spot market and fresh positions taken by speculators.
On the Multi Commodity Exchange, the August gold contract climbed ₹274 or 0.28 per cent to ₹97,297 per 10 grams, with a trading volume of 13,447 lots. The MCX silver price rose by ₹299, or 0.28 per cent, to reach ₹1,05,216 per kilogram.
In global markets, gold prices strengthened as the US dollar and Treasury yields declined. Spot gold increased by 0.2% to $3,328.89 per ounce after reaching a two-week low on Tuesday. Meanwhile, US gold futures rose by 0.3% to $3,343.00. Spot silver remained unchanged at $35.90 per ounce.
“Gold and silver fell sharply after the U.S. President confirmed a ceasefire in the Israel-Iran conflict, triggering profit-booking amid easing geopolitical stress. MCX Gold prices dropped by 2.91% to 96,500, a biggest 1 day fall after 25 November 2024. The U.S. Fed Chairman’s speech was also inline expectations but unable to support precious metal prices. However, weakness in the dollar index could support gold and silver prices,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
Gold and silver price: Should you book profits?
According to Riya Singh – Research Analyst, Commodities and Currency, Emkay Global Financial Services, Gold has a strong support around 3300-3280 levels. The risk premium which arose because of escalation between US – Iran is what we are witnessing fizzling out.
“ We might see some more profit taking to sideways action as FED has maintained the stand of keeping the interest rate higher at 4.5%. Gold will garner support from investment demand which is evident with gold etf flow turning positive. Buy on the dips should be the strategy. In domestic market, gold prices major support around 94500 and do not seeing beyond that. Near support around 96500-95800,” Singh said.
Sumeet Bagadia, Executive Director at Choice Broking recommends to ‘sell’ silver with a target price of ₹102,879.
” Come Silver spot has shown a signs of bearish reversal after reaching a peak levels since 2012. made a high at $37.31. Price has retraced marginally in past couple of sessions, currently trading ot $35.97 / ounces.
After reaching its all-time high in Indian market at I0P.748; Silver price has shown a signs of weakness in past few sessions. Price has posted significant decline of 4% from the high, currently trading below106.000.
In previous sessions, we have observed a dead cat bounce in Silver price where price has found resistance at 107.084. Immediate support is at 20-DMA level placed at 104.537 and breakout of this level will accelerate downfall in Silver price towards its next support at 50-DMA placed at 01046. Doily SAR is placed at 109.552,” Bagadia said.
He further anticipates a further fall in Silver price in upcoming sessions and traders may look for Short opportunity for the Target levels of 102.379 with given Stop-loss of ₹107,400.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
