Meanwhile, silver May futures have experienced volatility, yet consistently remain above the Rs 1 lakh/kg threshold. Today, silver opened higher at Rs 1,00,791/kg, reflecting an increase of Rs 726 or 0.73%.
On Monday, both gold and silver experienced mixed results in domestic and international markets. The Gold June futures contract closed at Rs 90,717 per 10 grams, representing a gain of 1.15%, while the silver May futures contract settled at Rs 1,00,065 per kilogram, down by 0.39%.
Both metals experienced significant fluctuations and concluded on mixed notes, influenced by the approaching deadline for the U.S. President's reciprocal trade tariffs. These tariffs are negatively impacting global growth prospects and contributing to increased safe-haven buying of precious metals.
Gold prices have reached fresh lifetime highs, exceeding $3,150 per troy ounce.
“Global equity markets are facing challenges due to tariff apprehensions, while geopolitical tensions, especially between Russia and Ukraine, are intensifying. The U.S. President’s escalating threats against Iran are also heightening tensions in the Middle East, which supports increased gold prices,” explained Manoj Kumar Jain of Prithvifinmart Commodity Research. Today, the US Dollar Index, DXY, was around the 104.10 mark, slipping 0.09%. “Silver is currently experiencing profit-taking amidst weakness in industrial metals. Given the ongoing global uncertainties, precious metals continue to break previous barriers and may strengthen further,” added Jain.
He anticipates that gold and silver prices will remain volatile this week, influenced by fluctuations in the dollar index and concerns over U.S. trade tariffs. Nonetheless, he believes gold and silver could maintain support levels of $3,040 and $32.40 per troy ounce, respectively, for weekly closes.
Jain recommends purchasing gold around Rs 90,350 with a stop loss set at Rs 89,800 for a target of Rs 91,300. He also advises buying silver around Rs 99,500, with a stop loss at Rs 98,800 and a target of Rs 1,01,000.
In Delhi, standard gold (22 carat) is priced at Rs 58,224 for 8 grams, while pure gold (24 carat) is at Rs 62,128 for 8 grams.
In Mumbai, standard gold (22 carat) costs Rs 56,832 for 8 grams, whereas pure gold (24 carat) is at Rs 60,552 for 8 grams.
In Chennai, standard gold (22 carat) is priced at Rs 56,936 for 8 grams, while pure gold (24 carat) stands at Rs 60,736 for 8 grams.
In Hyderabad, standard gold (22 carat) is available at Rs 57,224 for 8 grams, with pure gold (24 carat) priced at Rs 60,976 for 8 grams.
(Disclaimer: The recommendations, insights, views, and opinions expressed by the experts are their own and do not necessarily reflect the views of The Economic Times.)
On April 1, 2023, gold futures contracts for June at the Multi Commodity Exchange (MCX) experienced a notable increase, rising by Rs 677 to reach an unprecedented high of Rs 90,797 per 10 grams. This surge can be attributed to ongoing uncertainties surrounding global trade tensions, particularly a trade war that has created instability within financial markets. Meanwhile, silver futures for May displayed volatility yet remained significantly above the Rs 1 lakh per kilogram threshold, opening at Rs 1,00,791/kg with an increase of Rs 726—or 0.73%.
In the previous trading session, the performance of gold and silver was mixed. Gold futures settled at Rs 90,717, marking a gain of 1.15%, while silver contracts ended at Rs 1,00,065, down by 0.39%. The fluctuations in these precious metals align with heightened volatility ahead of the expiration of deadlines for trade tariffs set by the U.S. President, which has created an atmosphere of uncertainty and encouraged safe-haven investments in precious metals.
The geopolitical climate has further complicated matters, with tensions rising, particularly between Russia and Ukraine, and increased threats from the U.S. towards Iran, all of which bolster gold's appeal as a protective asset. According to Manoj Kumar Jain from Prithvifinmart Commodity Research, the surge in gold prices recently reached historic levels, crossing the $3,150 per troy ounce marker, driven by fears of a downturn in global economic growth due to tariff threats.
On that day, the U.S. Dollar Index was noted at around 104.10, reflecting a slight decrease of 0.09%. Jain pointed out that the fluctuations in silver could largely be attributed to profit-taking actions, particularly in light of weakness in the industrial sector. Nonetheless, the overall trend suggests that precious metals remain robust as uncertainties continue to prevail globally.
Jain offered insights into what traders might expect in the upcoming week, emphasizing that volatility in both gold and silver prices could persist, particularly in response to the dollar index and ongoing concerns over U.S. trade policy. He suggested that gold maintains support at levels between Rs 90,350 and Rs 90,000 and could face resistance in the Rs 91,040 to Rs 91,400 range. For silver, the support levels are noted at Rs 99,450 to Rs 98,800, while resistance is identified at Rs 1,00,800 to Rs 1,01,650.
In terms of trading strategies, Jain recommended purchasing gold around the Rs 90,350 mark with a stop loss at Rs 89,800, aiming for a target of Rs 91,300. He similarly advised buying silver near Rs 99,500 with a stop loss at Rs 98,800, targeting Rs 1,01,000.
Additionally, current gold prices in various Indian cities were noted as follows: in Delhi, rates for standard gold (22 carat) stood at Rs 58,224 per 8 grams, while pure gold (24 carat) was priced at Rs 62,128. In Mumbai, the same measurements indicated Rs 56,832 and Rs 60,552, respectively, whereas in Chennai, prices were recorded at Rs 56,936 for standard gold and Rs 60,736 for pure gold. In Hyderabad, standard gold was at Rs 57,224 and pure gold at Rs 60,976.
It's important to note that the recommendations and forecasts presented by analysts reflect personal views, and not necessarily the opinions of The Economic Times. These market predictions come amid a tumultuous backdrop of financial uncertainty and geopolitical tensions, reinforcing the continuing strategic value of investing in precious metals.
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