Current Gold and Silver Prices
Gold prices opened on the Multi Commodity Exchange (MCX) on Wednesday at Rs 71,438 per 10 grams and hit an intraday low of Rs 71,416. In the international market, prices hovered around $2357.99 per ounce.
Meanwhile, silver opened at Rs 82,671 per kg and hit an intraday low of Rs 82,671 on the MCX. In the international market, the price hovered around $28.27 per ounce.
Insight on Price Movements
Anuj Gupta, Chief of Commodity and Currency at HDFC Securities, highlighted the recent trends in gold and silver prices. He mentioned the increase in gold prices by 0.60% and a new high reached at 71739 levels. Silver prices also saw a sharp increase of 0.70% and closed at 82450 levels, hitting a new high of 83038 levels.
Safe-haven demand for gold has been strong due to uncertainties around U.S. inflation and interest rates. Additionally, geopolitical tensions in the Middle East, particularly with Iran’s threats against Israel, have contributed to the bullish sentiment towards gold.
Market Analysis and Predictions
Gold witnessed an upward movement on Gudi Padwa day, with buying also seen in Comex Gold. Jateen Trivedi, VP Research Analyst at LKP Securities, mentioned the support level at 71000 and the surge in MCX gold to reach 71650. He pointed out that the upcoming US CPI data could significantly impact gold prices, potentially leading to profit booking and a decline towards the 70000 zones. Traders are advised to maintain long positions with effective stop-loss strategies to manage risks.
Insights from World Gold Council
According to the World Gold Council report, gold is currently at an all-time high and generating attention from investors. Despite concerns about entering at high levels, the report suggests that gold is well supported by fundamentals. The limited participation from US investors indicates a possible continuation of the rally, contrasting with past patterns observed in 2011.
