New Delhi: Gold prices maintained their bullish trend, with April futures reaching an all-time high of Rs 86,875 per 10 grams on the Multi Commodity Exchange (MCX) on Thursday. The precious metal saw an increase of 0.21% or Rs 189, while silver May futures were slightly down by 0.09% or Rs 87, trading at Rs 99,389 per kilogram.
The surge in gold prices is attributed to investors seeking a safe-haven asset amid global economic uncertainties, including US trade tariffs and slower economic growth. In March alone, gold prices climbed by Rs 2,600 per 10 grams, while silver rose by Rs 5,061 per kilogram. On Wednesday, both metals ended higher in both domestic and international markets, with the April gold contract settling at Rs 86,686 per 10 grams, up 0.62%, and silver May futures closing at Rs 99,476 per kilogram, a rise of 1.37%.
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Gold and Silver Hit New Highs in International Markets
Internationally, gold reached an all-time high due to persistent safe-haven demand, while silver marked a three-week high.
Market Sentiment and US Inflation Data
Recent US inflation data met expectations, albeit slightly lower than the previous month, indicating that the Federal Reserve might adopt a less aggressive approach to interest rate hikes. Market experts suggest this could have a stabilizing effect on precious metals.
Manoj Kumar Jain of Prithvifinmart Commodity Research stated, “Gold and silver prices are expected to remain volatile due to fluctuations in the dollar index, the ongoing US trade concerns, and upcoming US PPI data.” He also noted that key support levels for gold and silver in international markets stand at $2,840 and $31.40 per troy ounce, respectively.
On Thursday, the US Dollar Index (DXY) hovered around 103.57, reflecting a minor decline of 0.04%.
Gold and Silver Outlook
- Gold: Support levels are between Rs 86,360 and Rs 86,100, with resistance between Rs 87,000 and Rs 87,400. Experts recommend buying at Rs 86,400 with a target of Rs 87,000 and a stop loss at Rs 86,080.
- Silver: Support lies between Rs 98,600 and Rs 97,800, while resistance ranges from Rs 1,00,000 to Rs 1,01,400. A buying opportunity is suggested around Rs 98,800, targeting Rs 1,00,500 with a stop loss at Rs 98,000.
Gold Prices Across Major Indian Cities
- Delhi: 22K gold (8 grams) – Rs 57,992; 24K gold – Rs 61,832
- Mumbai: 22K gold – Rs 57,112; 24K gold – Rs 60,896
- Chennai: 22K gold – Rs 56,632; 24K gold – Rs 60,392
- Hyderabad: 22K gold – Rs 56,824; 24K gold – Rs 60,608
The upward trend in gold prices reflects strong demand amid economic uncertainty, and investors are advised to stay updated with market movements before making investment decisions.