Gold prices in India hit a new record of ₹86,875 per 10gm today, with April futures at MCX rising by 0.21%, driven by US trade tariff uncertainties and global growth concerns. Yesterday saw gold futures peak at ₹86,686 per 10gm, up by 0.62%. Meanwhile, silver’s May futures settled at ₹99,476 per kilogram, showing a 1.37% increase on Wednesday.
The rise in gold prices is part of a global trend witnessed in March, with gold up by ₹2,600 per 10gm and silver by ₹5,061 per kilogram. This trend isn’t confined to local markets but is also evident worldwide, as recently both gold and silver reached new highs internationally due to increased safe-haven buying.
The recent US inflation data, which was slightly lower than the previous month, has been seen positively by the market, suggesting a potential moderation in the US Federal Reserve’s monetary policy stance. Manoj Kumar Jain anticipates volatile gold and silver prices this week due to dollar index changes, trade disputes, and the upcoming US Producer Price Index report.
Based on current market conditions, Jain suggests buying gold at ₹86,400 with a stop loss at ₹86,080 and a target of ₹87,000. He also recommends silver at ₹98,800 with a stop loss at ₹98,000 and a target of ₹1,00,500, considering future trends in precious metal prices.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
Leave a Reply