Gold prices for April futures on the MCX rose by 0.15% today, adding Rs 124, and reached a record high of Rs 80,413 for every 10 grams. This is the second day in a row that gold prices have increased. Silver prices for March futures also went up, now trading at Rs 91,079 per kilogram, a small rise of only 0.03% or Rs 28, but it’s worth noting that silver had increased by Rs 720 in the past two days.
On Tuesday, gold and silver prices finished strong in both local and international markets. The April gold futures contract closed at Rs 80,899 per 10 grams, gaining 0.92%. Meanwhile, the silver March contract settled at Rs 91,051 per kilogram, with a rise of 0.91%. Both gold and silver bounced back from previous losses due to global uncertainty linked to U.S. President Trump’s policies. His tariff threats and issues in China made investors more cautious, leading to an increase in buying precious metals as a safe bet.
Manoj Kumar Jain from Prithvi Finmart Commodity Research noted that U.S. economic data also bolstered gold and silver prices. The Federal Reserve’s meeting started on Tuesday and will end today, with most experts expecting no changes in interest rates. However, any comments made about the economy and future rate cuts could greatly influence the prices of gold and silver.
Today, the U.S. Dollar Index was around 107.87, slightly up by 0.01%. Jain mentioned, “We anticipate that gold and silver prices will be unpredictable this week due to fluctuations in the dollar index and overall market conditions, especially due to the Federal Reserve’s meeting outcomes.”
Support and Resistance Levels:
– Gold Prices: Support at Rs 80,600-80,325; Resistance at Rs 81,200-81,550.
– Silver Prices: Support at Rs 90,450-89,700; Resistance at Rs 91,800-92,400.
Jain advises staying cautious and avoiding trades in precious metals today due to the upcoming U.S. presidential elections.
Gold Prices in Physical Markets:
– Delhi: 22-carat gold is Rs 58,256 for 8 grams; 24-carat gold is Rs 62,168 for 8 grams.
– Mumbai: 22-carat gold is Rs 57,520 for 8 grams; 24-carat gold is Rs 61,328 for 8 grams.
– Chennai: 22-carat gold is Rs 56,616 for 8 grams; 24-carat gold is Rs 60,384 for 8 grams.
– Hyderabad: 22-carat gold is Rs 56,888 for 8 grams; 24-carat gold is Rs 60,672 for 8 grams.
(Disclaimer: The recommendations and opinions in this article belong to experts and do not reflect the views of Thellv.news)
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