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Gold prices soared to unprecedented heights, surpassing $2,100 per ounce, marking the highest level ever recorded since the inception of the contract in 1974. Traders exhibited confidence in potential interest rate cuts by the Federal Reserve, propelling gold futures for April to settle at $2,126.30 per ounce, marking a substantial 1.46% increase. Silver futures for May also saw a significant uptick, settling at $23.99 per troy ounce, marking a rise of 2.68%.
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In domestic markets, optimism prevailed as gold futures for April settled at Rs 64,462 per 10 grams, up by 1.41%, while silver futures for May settled at Rs 73,467 per kilogram, registering a gain of 1.65%.
Manoj Kumar Jain, Director at Prithvi Finmart, attributed the surge in gold and silver prices to anticipation surrounding the U.S. Fed Chairman’s testimony and expectations of early rate cuts. Gold prices reached historic highs, breaching the $2,100 mark for the first time on a closing basis, while silver also scaled two-month highs, testing levels around $24 per troy ounce.
The rally in gold and silver prices was further fueled by pessimistic U.S. economic data, heightening speculation of potential rate cuts by the U.S. Fed in June. The decline in the dollar index below the 104 mark provided additional support to precious metals. Moreover, geopolitical tensions in the Middle East and the Russia-Ukraine conflict bolstered the safe-haven appeal of precious metals.
Jain foresees volatility in gold and silver prices in the upcoming sessions but suggests key support levels at $2,084 and $23.00 per troy ounce, respectively, on a weekly closing basis. He advises that gold may find support at $2,100-2,084 and resistance at $2,140-2,155 per troy ounce, while silver could see support at $23.64-23.40 and resistance at $24.20-24.60 per troy ounce in the current session. At MCX, gold is expected to find support at 64,220-63,950 and resistance at 64,700-65,000, while silver may be supported at 73,100-72,650 and resistance at 73,950-74,400. Jain recommends buying silver around 73,150 with a stop loss of 72,650 on a closing basis, targeting 74,400.
Note: The prices being given on Gold Price Today are taken from different jewellers and bullion associations of the country. The price of gold, silver in your city may fluctuate as the local jewellers add GST, making charges and hallmarking charges to the gold price. Many jewellers also charge a premium for their shop. Therefore, there is a difference in the price of gold and silver at the shop in bullion.
Disclaimer: The information presented in this article is i intended for informational purposes only and reflects the views of the expert. Prior to making any investment decisions, it is recommended that you seek the advice of a financial advisor. The individuals affiliated with Gold Price Today do not engage in the personal buying, selling, or trading of gold/silver. We cannot be held liable for any gains or losses incurred.
