Gold Price Today: Yellow metal hits fresh lifetime high of Rs 69,487, gains Rs 1,800/10 grams in opening trade
At 9:30 am, the MCX April gold futures were trading at Rs 68,930 per 10 grams, up by Rs 1,253 or 1.85% while May silver futures were trading at Rs 75,787 per kg, higher by Rs 739 or 0.98%. Track prices here
Dollar Index (DXY) is hovering above the 104 mark against a basket of six top currencies at 104.33, down by 0.02 points or 0.02%. It has narrowed gains to 0.32% over the past five trading sessions.
MCX Gold and Silver futures ended with gains on Thursday with the April gold contract settling with an uptick of Rs 24 per 10 grams or 0.04% at Rs 67,725. They had hit a lifetime high of Rs 67,859 on Thursday. Meanwhile, the May silver contract ended flat at Rs 75,044, though the bias was slightly negative.
While the dollar index (DXY) is hovering above the 104 mark, it has narrowed its gains over the past five sessions to 26%. On Monday, around 9 am India time, it was trading at 104.50, down by 0.05 points or 0.05%.
Gold has been trading with positivity amid geopolitical tension in the Middle East but the recent uptick in prices has been on account of growing hopes of a rate cut by the US Federal Reserve, Anuj Gupta, Head Commodity & Currency, HDFC Securities said. This analyst sees MCX gold contract trading in a range between Rs 66,330 and 69,300 while silver in the range of Rs 78,900 — Rs 73,400.
The prices have risen by 8.17% or Rs 5,110 on MCX in March, Gupta said. On a year-to-date basis, the uptick is Rs 4,474 or 7.08%. As for the silver contract, the previous month’s gains stand at 4.75% or Rs 3,769
