Gold Rate Today: Gold rate today: Gold prices surge on MCX, nearing Rs 70,000 mark; will the milestone be hit soon? | India Business News

Gold rate today: Gold prices rose by Rs 440 per 10 grams on Wednesday on the Multi Commodity Exchange (MCX), extending their month-long winning streak. This week, gold has reached a lifetime high of Rs 69,487 in April futures but was trading at Rs 69,369, up 0.64% from the previous closing price by 10:10 AM.
According to ET, MCX silver futures reached a two-year peak simultaneously, hovering near Rs 77,957 per kg, reflecting a significant uptick of Rs 921 or 1.20% in early trade.The increase in prices was due to declines in the dollar index (DXY) and increasing expectations of a rate cut by the US Federal Reserve.
The dollar index (DXY) is currently slightly above the 104 mark, standing at 104.33 against a basket of six major currencies. This represents a marginal decrease of 0.02 points or 0.02%. Over the past five trading sessions, its gains have reduced to 0.32%.
MCX Gold and Silver futures closed with gains on Tuesday. The June gold contract reached a new lifetime high of Rs 69,139 before ending the day with a slight increase of Rs 52 per 10 grams, reaching Rs 68,980, up by 0.08%. Meanwhile, the May silver contract closed unchanged at Rs 77,100, showing a marginal increase of Rs 64 or 0.08%.
Gold futures reached a historic high of $2,308 per troy ounce on Comex.
The dollar index (DXY) dropped below the 105 mark, reducing its gains over the previous five sessions to 0.38%. By around 9 AM India time on Wednesday, it was trading at 104.75, showing a decrease of 0.07 points or 0.06%.
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Gold has been trading positively due to geopolitical tension in the Middle East. However, Anuj Gupta, Head of Commodity & Currency at HDFC Securities, stated that the recent price increase is mainly because of hopes for a rate cut by the US Federal Reserve.
He mentioned that the next target for Comex gold is between $2,320 and $2,400, while for MCX gold, it’s projected to be in the range of Rs 70,635-71,750/73,555. Similarly, for Comex silver, the targets are estimated to be between $26.94 and $28.45/$30.09, and for MCX silver, it’s anticipated to be between Rs 79,570-84000/87,105, according to the HDFC Securities analyst.
Gupta further stated that prices on MCX have risen by 2.54% or Rs 1,716 in April thus far. On a year-to-date basis, there’s been an increase of Rs 6,185 or 9.79%. Regarding the Silver contract, he said that the gains from the previous month stand at 4.02% or Rs 3,021, while the year-to-date gains are at 4.89% or Rs 3,622.
Naveen Mathur, Director of Commodities & Currencies at Anand Rathi Shares and Stock Brokers, believes that the trajectory of MCX gold will continue to be bullish in the near term. This optimism is fueled by heightened geopolitical tensions and expectations of a supportive stance from the US Federal Reserve. With US payroll numbers scheduled for release this week, Mathur expects ongoing volatility in prices. He remains hopeful that the Rs 70,000 mark could still be attained within the timeframe of 1 to 2 weeks on MCX.
Gupta also mentioned that the price of gold in major physical bullion markets such as Delhi, Ahmedabad, and other cities is Rs 69,300 per 10 grams. Additionally, he noted that the price of 1 kg of silver is Rs 79,000.
Technical analysis by Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies, observed that on the daily chart, MCX April Gold futures have exceeded their rising channel pattern. They are demonstrating a trend of ascending highs and lows, indicating an upward momentum. However, she cautioned against a potential pullback in prices as the Relative Strength Index (RSI) has entered the overbought zone. Qureshi identified resistance points at Rs 69,230 and Rs 69,450, with support levels at Rs 68,580- Rs 68,100.
Neha Qureshi’s trading strategy suggests the following:
1. Buy MCX June gold futures at Rs 68,900. Set a stop loss at Rs 68,500 and aim for a price target of Rs 69,400.
2. Buy MCX May silver futures at Rs 77,000. Set a stop loss at Rs 76,000 and aim for a price target of Rs 79,000.

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