Gold Rate Today: Yellow metal slips by Rs 870/10 grams from lifetime highs. Is it time to book gains?
Track prices here
However, they have declined by Rs 879 or 1.3% from their all-time high of Rs 66,356 on fears that the interest rate could remain elevated for longer amid higher-than-expected consumer inflation numbers in the US.
The prices have risen by 4.78% or Rs 2,990 on MCX on a month-to-date basis, Anuj Gupta, Head Commodity & Currency, HDFC Securities said. On a year-to-date basis, the uptick is Rs 2,356 or 3.73%. As for silver contracts, the MTD gains stand at 3.71% or Rs 2,646 while the YTD declines at 0.68% or Rs 505, Gupta added.
On Tuesday, MCX Gold April contract closed the session at Rs 65,414, down by Rs 67 or 0.10%.
Gold prices corrected by 0.84% on Tuesday hit chiefly by fears of higher-for-longer US interest rates, after consumer price index inflation read higher than expected for February, Gupta said. In his view, gold could trade between Rs 65,000 -66,000 while silver between Rs 72,500 and Rs 74,500 levels.
The price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 65,500 per 10 grams while that of 1 kg of Silver is Rs 75,000, Gupta said. Click to know more
The gains in bullion prices could be attributed to the downtick in the dollar index (DXY) which has seen a 0.48% fall in the last five trading sessions. Today around 9:15 am India time, DXY was hovering near the 102.87 mark, down by 0.09 points or 0.09%.
On the Daily chart, MCX April Gold futures have developed an 'Evening Star' candlestick formation, signalling a potential downturn, Neha Qureshi,
