Gold, silver rates today: As the nation celebrates Gudi Padwa today, gold and silver prices extended its rally on Tuesday morning deals. Gold futures contract on the Multi Commodity Exchange (MCX) for June 2024 expiry opened at 71,026 per 10 gm level and went on to touch an intraday high of ₹71,125 level, which turned out a new lifetime high for MCX gold rates. In the international market, spot gold price is oscillating around the $2,345 per ounce mark, recording around 0.30 percent rise during Tuesday deals.
Likewise, the silver rate today on MCX opened higher at ₹81,971 per kg mark, which turned out its intraday high on Tuesday. Silver rate today on MCX is currently quoting ₹81,936 per kg after hitting an intraday low of ₹81,825 per kg. In the international market, spot silver price is currently quoting $27.75 per ounce mark, logging an intraday loss of around 0.20 percent.
According to market experts, gold and silver prices are rising because of various factors in domestic and international markets. They said gold and silver prices are mainly driven by global factors like US Fed rate cut buzz and geopolitical tension but Gudi Padwa 2024 being celebrated today is a domestic trigger that has fueled precious metal prices in India.
US CPI data in focus
Speaking on the reasons that are fueling gold and silver prices today, Anuj Gupta, Head of Commodity & Currency said, “Gold and silver rates today are rising because of both global and domestic triggers. In the international market, the market is expecting a possible interest rate cut by the US Federal Reserve in its FOMC meeting scheduled from 30th April to 1st May 2024. After the better-than-expected US non-farm data last week, the market is expecting positive US CPI data, which has added extra fodder to the US Fed rate cut buzz. The geopolitical tension in the Middle East is already there to provide support to the precious metals.”
Geopolitical tension in Middle East
Kaynat Chainwala, Senior Manager – Commodity Research at Kotak Securities said, “COMEX Gold prices notched a fresh high of $2372.5 per troy ounce on Monday, while MCX prices crossed Rs.71,000 per 10 gram for the first time, amid simmering geo-political tensions, robust central bank buying and prospects of a Fed pivot. Israel and Hamas rejected ceasefire talks and Iran vowed retaliation for an airstrike on its embassy in Syria. Meanwhile, China’s central bank purchased gold for a 17th straight month in March. Stronger than expected US Jobs data last week failed to deter investors.”
Gudi Padwa 2024
Anuj Gupta of HDFC Securities went on to add that the Gudi Padwa festival is working as a domestic trigger for the gold price rally. He said that Gudi Padwa is an auspicious day in Maharashtra while in northern India, this date is celebrated as the beginning of Navratra. So, people buy gold on this date in north India and Maharashtra and its surrounding states. So, some physical demand in the retail bullion market is expected to fuel the MCX gold rate today.
Important levels to watch
“MCX gold rate today has immediate support placed at ₹70,500 while it is facing resistance at ₹71,500 per 10 gm mark. In the international market, spot gold price is in the $2,330 to $2,360 per ounce range. On breaching the $2,360 hurdle, the gold price is expected to touch $2,380 and $2,400 per ounce level in the short term. On MCX, gold rates may touch ₹72,000 per 10 gm level once it breaches ₹71,500 per 10 gm target,” said Anuj Gupta of HDFC Securities.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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