Gold Rate Today: Gold rate today: Gold prices surge on MCX, nearing Rs 70,000 mark; will the milestone be hit soon? | India Business News

Apr3,2024



gold price today:Gold prices increased by Rs 440 per 10 grams on Multi Commodity Exchange on Wednesday (mcx), continuing their month-long winning streak. Gold has hit a high of Rs 69,487 in April futures this week, but as of 10:10 am, it was trading at Rs 69,369, 0.64% above its previous close.
According to ET, MCX silver futures simultaneously hitting a two-year peak, hitting close to Rs 77,957 per kg, marking a significant rise of Rs 921 or 1.20% in early trade. The rise in prices was driven by a decline in the Dollar Index (DXY) and rising rate expectations. cut by US Federal Reserve,
The dollar index (DXY) is currently slightly above 104 points, at 104.33 against a basket of six major currencies. This represents a marginal decrease of 0.02 points or 0.02%. Its gain has declined to 0.32% in the last five trading sessions.
Gold and silver futures on MCX closed with gains on Tuesday. The June gold contract hit a new high of Rs 69,139 with a marginal rise of Rs 52 per 10 gram before end of the day at Rs 68,980, up 0.08%. Meanwhile, the May contract of silver closed unchanged at Rs 77,100, up marginally by Rs 64, or 0.08%.
Gold futures on Comex reached a historic high of $2,308 per troy ounce.
The dollar index (DXY) fell below 105 points, reducing its gains in the last five sessions to 0.38%. On Wednesday, at around 9 am Indian time, it was trading at 104.75, showing a decline of 0.07 points or 0.06%.
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Gold is trading positively due to geopolitical tensions in the Middle East. However, Anuj Gupta, head of commodity and currency at HDFC Securities, said the recent price rise is mainly due to expectations of a rate cut by the US Federal Reserve.
He said that the next target for Comex gold is between $2,320 and $2,400, while for MCX gold it is estimated to be in the range of Rs 70,635-71,750/73,555. Similarly, according to HDFC Securities analyst, the target for Comex silver is estimated to be between $26.94 and $28.45/$30.09, and for MCX silver, it is estimated to be between Rs 79,570-84000/Rs 87,105.
Gupta further said that so far in April, prices on MCX have increased by 2.54% or Rs 1,716. On a year-on-year basis, there is an increase of Rs 6,185 or 9.79%. Regarding silver contracts, he said last month's gain is 4.02% or Rs 3,021, while year-to-date gain is 4.89% or Rs 3,622.
Naveen Mathur, Director of Commodities & Currency at Anand Rathi Shares & Stock Brokers, believes MCX gold will remain bullish in the near term. This optimism is driven by heightened geopolitical tensions and expectations of a supportive stance from the US Federal Reserve. With the release of US payroll numbers this week, Mathur expects continued volatility in prices. He expects the Rs 70,000 level can still be achieved on MCX within a time frame of 1 to 2 weeks.
Gupta also said that the price of gold is the key physical bullion market Like in Delhi, Ahmedabad and other cities it is Rs 69,300 per 10 grams. He also told that the price of 1 kg silver is Rs 79,000.
Technical analysis by Neha Qureshi, Senior Technical and Derivatives Analyst at Anand Rathi Commodities & Currency, found that on the daily chart, mcx april gold futures Has crossed its ascending channel pattern. They are exhibiting a tendency to climb higher and lower lower levels, indicating upward momentum. However, he cautioned against a possible downside in prices as the Relative Strength Index (RSI) has entered the overbought zone. Qureshi identified resistance points at Rs 69,230 and Rs 69,450, while support levels lie at Rs 68,580- Rs 68,100.
Neha Qureshi's trading strategy suggests the following:
1. buy mcx june Gold futures at Rs 68,900. Set stop loss at Rs 68,500 and target Rs 69,400.
2. Buy MCX May silver futures at Rs 77,000. Set stop loss at Rs 76,000 and aim for a price target of Rs 79,000.



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