Gold Price Today: Yellow metal gains Rs 440/10 grams, tops Rs 71K for first time; silver hits new highs
The uptick was on account of slippages in the dollar index (DXY) which was hovering near the 104.25 mark, down by 0.05 or 0.04%. It has declined 0.73% over the last five trading sessions.
Last week, the June Gold futures on MCX hit a life high of Rs 70,699 per 10 grams. They ended at Rs 70,599 lower by Rs 37 or 0.05%. Meanwhile, the May silver futures scripted a lifetime high of Rs 81,030 per kg before closing the week at Rs 80,850, down Rs 13, or 0.02%.
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On Comex, the gold futures have scripted a lifetime high of $2,372 per troy ounce.
Anuj Gupta, Head Commodity & Currency, HDFC Securities expects the gold rally to likely continue until price trades above $2,225 and Comex gold could move towards $2,370 and $2,400 in the short term. in his view. As for MCX gold, the June contract has resistance at Rs 72,650-73,555 with support placed at Rs 69,200-69,022.
The prices have risen by 4.86% or Rs 3,298 on MCX in April so far, Anuj Gupta, Head Commodity & Currency, HDFC Securities said. On the year-to-date basis, the uptick is Rs 7,777 or 12.30%. As for the Silver contract, this month’s gains stand at 8.82% or Rs 6,604 while the YTD gains are at 9.68% or Rs 7,226, Gupta added.
The price of gold in major physical bullion markets like Delhi, Ahmedabad, and other cities is Rs 71,000 per 10 grams while that of 1 kg of Silver is Rs 82,000, Gupta said.
«China's central bank has been consistently purchasing gold for its reserves for 17 months as of March, contributing to the recent surge in gold prices
