Gold price today: MCX gold rate gains on rising tension in Russia-Ukraine war, Israel-Hezbollah ceasefire accusations
- Gold price today: MCX gold rate today opened upside at ₹76,334 per 10 gm and touched an intraday high of ₹76,504 within a few minutes of the Opening Bell
Gold price today: Following the escalating geopolitical tension in the Russia-Ukraine war and the Israel-Hezbollah war, gold prices witnessed strong buying in the early morning session on Friday. MCX gold rate today (December 2024 future contract) opened upside at ₹76,334 per 10 gm and touched an intraday high of ₹76,504 within a few minutes of the Opening Bell. In the international market, COMEX gold price was up over 0.75 per cent at $2,682 per troy ounce, whereas spot gold price is oscillating around $2,659 per ounce mark.
According to commodity market experts, the gold rate today is on an uptrend due to the accusations by Israel and the Iran-backed militant group Hezbollah for ceasefire violations. Meanwhile, Russia has also up the ante against Ukraine with some fresh missile attacks. This has put doubt into investors' minds, and they are flocking towards gold as a safe haven.
Russia-Ukraine war in focus
Speaking on the reason for the rising gold rate today, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, "Gold prices exhibited significant volatility, starting on a weaker note but quickly finding support amid renewed geopolitical tensions between Russia and Ukraine, which continue to bolster safe-haven buying. Immediate support is $2,625, while resistance is $2,655 to $2,665. A decisive fall below $2,620 could drive prices toward $2,580, while a breakout above $2,665 could trigger a sharp rally toward $2,690. Dollar index movements and geopolitical updates will likely keep gold's momentum uncertain in the short term."
Israel-Hezbollah ceasefire violation
Speaking on the geopolitical tension, Anuj Gupta, Head—Commodity & Currency at HDFC Securities, said, “The Geopolitical crisis has risen all of a sudden after the escalating tension in the Russia-Ukraine war and Israel and Hezbollah accusing each other of violating the ceasefire deal. This has put doubt into investors' minds, and they are flocking towards gold as a safe haven.”
Gold rate today: Important levels to watch
Speaking on the outlook of gold price in the near term, Anuj Gupta of HDFC Securities said, “Overall, gold rate today is range-bound to positive. So, one can maintain a buy-on-dips strategy. The MCX gold rate today is in ₹75,500 to ₹77,000 per 10 gm range, whereas spot gold price today is in $2,630 to $2,80 per ounce range.”
“On breaking the current resistance, MCX gold rate may touch ₹77,700 per 10 gm while spot gold price may touch $2,700 per troy ounce levels,” concluded Anuj Gupta.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
- Top Gainers
- Top Losers
- 52 Week High