Gold Rate Today: Multi Commodity Exchange (MCX) witness gold futures contracts for April delivery advanced 0.31 per cent at 65,383.00. Silver for the May delivery, on the other hand, fell 0.30 per cent at 73,917.00.
Price for 22 carat gold is Rs 40 up at Rs 6,010 per gram today while that of 24 carat gold, also called 999 gold, is trading at Rs 6,556 per gram, as per Goodreturns website.
24-carat gold is selling at Rs 65,290, Rs 65,140, and Rs 65,900 in Delhi, Bengaluru and Chennai respectively.
Physical gold has been a perfect hedge against inflation over the years. However, Sovereign Gold Bonds (SGBs) has gained popularity over the years.
Spot Gold Price
Commodity prices rallied on Thursday due to a softer dollar. Gold prices rose 0.4 per cent on Thursday to $2,156.49, another record high. Oil prices were mostly flat, having jumped 1 per cent on Thursday. Brent held at $82.97 a barrel, while U.S. crude was little changed at $79.11 per barrel.
Earlier, gold surged to a record high on Wednesday due to strong momentum driven primarily by expectations of US monetary easing. The precious metal received an added boost as the US dollar weakened following remarks from Fed Chair Jerome Powell who hinted at a potential rate cut later in the year.
“We expect gold to trade higher towards 65260 levels, a break of which could prompt the price to move higher towards 65380 levels,” Saish Sandeep Sawant Dessai, Analyst. Angel One.
Silver future contracts of May delivery is trading 0.30 per cent lower at Rs 73,917 per kg.
First uploaded on: 07-03-2024 at 12:13 IST
