Gold rate today: MCX gold price rises above ₹1.59 lakh per 10 grams, silver gains amid US-Iran peace deal hopes
Gold rate today: Gold prices rose in the international market, supported by lower crude oil prices and a weaker dollar. Spot gold price gained 0.7% to $4,461.09 per ounce.
Gold and silver prices in India opened higher on the Multi Commodity Exchange (MCX) on Thursday, following gains in global bullion prices amid renewed expectations for a resolution to the US-Iran war.
MCX gold rate for August futures contracts opened 0.53% higher at ₹1,59,366 per 10 grams as against its previous close of ₹1,58,519 level. MCX silver price for July futures contracts opened 0.07% higher at ₹2,63,146 per kg as compared to its previous close of ₹2,62,958 level.
At 9:05 AM, MCX gold price was trading higher by ₹521, or 0.33%, at ₹1,59,040 per 10 grams level, while MCX silver price was up by ₹220, or 0.08%, at ₹2,63,178 per kg.
In the international market, gold prices rose, supported by lower crude oil prices and a weaker dollar.
Spot gold price gained 0.7% to $4,461.09 per ounce, while US gold futures for August delivery rose 0.5% to $4,487.90. Spot silver price rallied 0.6% to $73.13 per ounce.
Hopes of an end to the broader US-Iran war were boosted after Israel and Lebanon agreed to implement a ceasefire to end hostilities.
Moreover, the Republican-led US House of Representatives approved a resolution on Wednesday to block US President Donald Trump from continuing the war against Iran, Reuters reported.
The reports of Israel-Lebanon ceasefire drove crude oil prices lower. Higher oil prices can accelerate inflation and keep interest rates higher for longer. While gold is seen as a hedge against inflation, higher rates tend to weigh on the non-yielding metal.
Gold Price Outlook
Jigar Trivedi, Senior Research Analyst at IndusInd Securities said that the outlook for MCX gold price today remains flat to negative, while the outlook for MCX silver price remains weak.
“MCX gold price may find support at ₹1,58,000 level, while resistance is seen at ₹1,59,400 level. Support for MCX silver price today is placed at ₹2,60,000 level, while it may face resistance at ₹2,64,000,” said Trivedi.
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 making any investment decisions.