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Business News/ Markets / Commodities/  Gold rate today: Yellow metal at a record high above 69,400; silver price surpasses 78,000 level on MCX
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Gold rate today: Yellow metal at a record high above ₹69,400; silver price surpasses ₹78,000 level on MCX

Gold price extended a record run as concerns of rising inflation boosted demand for gold as a hedge. Gold and silver prices are expected to remain volatile ahead of the US Federal Reserve Chairman Jerome Powell’s speech.

Gold rate technically seems to be in overbought territory and the outlook remains cautiously positive, analysts said.Premium
Gold rate technically seems to be in overbought territory and the outlook remains cautiously positive, analysts said.

Gold rate today: Gold price in India hit a record high on Wednesday tracking a sharp rally in international gold prices, led by safe-haven demand, while silver prices also jumped over a percent.

MCX gold rate was trading 0.65% higher at 69,375 per 10 grams, while silver price was 1.24% higher at 77,990 per 1 kg.

“Gold price rose to a fresh record high as demand from momentum-following funds offset a strong US dollar and the possibility of higher-for-longer US rates. Safe-haven demand amid escalating geopolitical tensions and Russia - Ukraine conflict also supported bullion prices," said Ajay Kedia, Director, Kedia Advisory.

International gold price extended a record run as concerns of rising inflation boosted demand for gold as a hedge. Spot gold gained 0.3% to $2,286.24 per ounce, and hit a record high of $2,288.09 earlier in the session. US gold futures rose 1.1% to $2,306.60.

Also Read: Gold and silver prices Today on 03-04-2024: Check latest rates in your city

“Gold and silver gained strength amid escalating tensions in the Middle East and profit-taking in the dollar index. Israel’s air strike on an Iranian embassy in Syria fuelled tensions in the already raging conflict in the Middle East which supported safe-haven demand for precious metals. Early Fed rate cut hopes are also fueling gold and silver in the international markets," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

Gold and silver prices are expected to remain volatile ahead of the US Federal Reserve Chairman Jerome Powell’s speech. 

Meanwhile, silver price rallied due to monetary policy outlook assessments in major economies and the white metal’s industrial use was supported by positive factory activity figures from China.

According to Kedia, gold price technically seems to be in overbought territory and the outlook remains cautiously positive.

“MCX gold rate may face resistance at 69,600 and support is placed at 68,450 level. Support for silver is seen at 76,800 and resistance at 79,200 level," Kedia said.

Also Read: OPEC+ Meeting: Oil producers unlikely to change output policy today after crude hits 2024-high

Meanwhile, India’s gold imports are set to plunge by more than 90% in March from the previous month to hit their lowest level since the COVID pandemic as record-high prices hit demand. Lower imports could limit a rally in global prices.

Kalantri believes gold has support at $2,262 - $2,244 while resistance is at $2,298 - $2,312. Silver has support at $25.90 - $25.72 while resistance is at $26.42 - $26.60,

“In INR, gold has support at 68,880 - 68,640, while resistance is at 69,380 - 69,620. Sliver has support at 76,440 - 75,880, while resistance is at 77,840 - 79,580," Kalantri said.

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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.

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Published: 03 Apr 2024, 10:52 AM IST
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