Gold Price Today: Yellow metal hits fresh lifetime high of Rs 69,487, gains Rs 1,800/10 grams in opening trade
Synopsis
Gold prices hit a lifetime high of Rs 69,487 on Monday, driven by global factors. Anuj Gupta advises buying MCX June gold at Rs 67,900 and MCX March silver at Rs 76,050.
Dollar Index (DXY) is hovering above the 104 mark against a basket of six top currencies at 104.33, down by 0.02 points or 0.02%. It has narrowed gains to 0.32% over the past five trading sessions.
MCX Gold and Silver futures ended with gains on Thursday with the April gold contract settling with an uptick of Rs 24 per 10 grams or 0.04% at Rs 67,725. They had hit a lifetime high of Rs 67,859 on Thursday. Meanwhile, the May silver contract ended flat at Rs 75,044, though the bias was slightly negative.
On the Comex, gold's price reached a new high, crossing $2,256.44 per ounce.
While the dollar index (DXY) is hovering above the 104 mark, it has narrowed its gains over the past five sessions to 26%. On Monday, around 9 am India time, it was trading at 104.50, down by 0.05 points or 0.05%.
Gold has been trading with positivity amid geopolitical tension in the Middle East but the recent uptick in prices has been on account of growing hopes of a rate cut by the US Federal Reserve, Anuj Gupta, Head Commodity & Currency, HDFC Securities said. This analyst sees MCX gold contract trading in a range between Rs 66,330 and 69,300 while silver in the range of Rs 78,900 - Rs 73,400.
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The prices have risen by 8.17% or Rs 5,110 on MCX in March, Gupta said. On a year-to-date basis, the uptick is Rs 4,474 or 7.08%. As for the silver contract, the previous month’s gains stand at 4.75% or Rs 3,769 while the YTD gains at 0.83% or Rs 618, Gupta added.
The price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 68,000 per 10 grams while that of 1 kg of Silver is Rs 76,000, Gupta said. Click to know more
Trading strategy by Anuj Gupta
– Buy MCX June gold futures at Rs 67,900 with a stop loss of Rs 67,000 and a price target of Rs 69,100.– Buy MCX March silver futures at Rs 76,050 with a stop loss of Rs 75,250 and a price target of Rs 77,350.
Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies expects the price of gold to rise further with major international banks like JPMorgan and Goldman Sachs predicting it to hit $2,500 per ounce mark.
Intraday trading strategy by Neha Qureshi
– Buy MCX June gold futures at Rs 67,700 with a stop loss of Rs 67,300 and a price target of Rs 68,100.– Buy MCX May silver futures at Rs 75,000 with a stop loss of Rs 74,000 and a price target of Rs 77,000.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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