Active Stocks
Mon Apr 22 2024 14:06:56
  1. Tata Steel share price
  2. 162.15 0.03%
  1. HDFC Bank share price
  2. 1,513.40 -1.17%
  1. Wipro share price
  2. 459.85 1.55%
  1. State Bank Of India share price
  2. 762.65 1.58%
  1. NTPC share price
  2. 344.00 -1.97%
Business News/ Markets / Commodities/  Gold rates today edge higher to near all-time highs, silver jumps

Gold rates today edge higher to near all-time highs, silver jumps

In India, domestic gold prices have rallied nearly ₹7,000 in past four months

Gold rates today hovered near ₹56,800 per 10 gram while silver at ₹69,000 per kg. A model displays jewellery during the an exhibition.Premium
Gold rates today hovered near 56,800 per 10 gram while silver at 69,000 per kg. A model displays jewellery during the an exhibition.

Gold edged higher in Indian markets today and hovered near all-time highs, tracking an uptick in international prices. On MCX, bullion futures were up 0.15% to 56,745 per 10 gram, after hitting new peak of 56,850 on Friday. Silver futures rose 0.6% to 68,970 per kg. 

In global markets, gold edged up 0.3% to $1,932.12 per ounce, supported by a softer dollar. Expectations of a downshift in interest rate hikes by the Federal Reserve also boosted the precious metal's appeal. Among other precious metals, spot silver gained 0.4% to $24.04 per ounce.

“COMEX gold prices rose for the fifth week in a row, to a fresh nine month high of $1,939 per troy ounce in the previous week, amid a softer dollar, poor corporate earnings and heightened layoffs, rising concerns of a recession," said Ravindra V. Rao, VP-Head Commodity Research, Kotak Securities Ltd.

"The yellow metal has been witnessing a one-sided rally since early November, after touching a 28-month low of $1,618 per troy ounce, on signs the Federal Reserve was turning less hawkish, spurring decline in the greenback and US treasury yields. Prospects of a looming slowdown in US, cooling inflation and Labour market coupled with a Fed pivot might continue to bolster gold prices," he added.

In India, domestic prices have rallied nearly 7,000 in past four months, tracking a rebound in international rates. 

The Federal Reserve’s two-day meeting concludes on February 1, with most market participants expecting a 25-basis point hike. Lower rates reduce the opportunity cost of holding zero-yield bullion. On the other hand, a softer US dollar makes greenback-priced bullion attractive for buyers holding other currencies.

Traders are also monitoring the covid situation in top gold consumer China.

According to a Reuters report, dealers in India last week offered a discount of up to $24 an ounce over official domestic prices, lower than $35 in the previous week. India imports most of its gold requirement and domestic prices include import duty and 3% GST. 

“Gold has support at $1912-1898 while resistance is at $1940-1951. Silver has support at $23.65-23.48, while resistance is at $24.10-24.28. In rupee terms, gold has support at 56,510-56,380, while resistance is at 56,940, 57,140. Silver has support at 68,050-67,520, while resistance is at 68,950–69,580," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd. (With Agency Inputs)

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Commodity News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 23 Jan 2023, 10:22 AM IST
Next Story footLogo
Recommended For You

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started
Switch to the Mint app for fast and personalized news - Get App