Gold price today: Gold has surged by Rs 5000/10g in 2024 so far; is it the right time to invest? | India Business News – Times of India

by The Technical Blogs


Gold rate today: The price of gold has seen remarkable gains in 2024, with the yellow metal becoming costlier by over Rs 5000 per 10 grams so far. But with such a surge, the question arises: Should you buy gold?
As per an ET report, despite a stronger dollar (DXY), gold prices remained steady on Tuesday due to expectations of an early rate cut and softer US inflation data boosting confidence.Domestic gold prices followed the lead of international markets and showed a positive trend.
At 9:10 AM, MCX June gold futures were priced at Rs 68,644 per 10 grams, up by Rs 313 or 0.46%, while May silver futures were trading at Rs 76,076 per kg, reflecting an increase of Rs 544 or 0.72%.
The Dollar Index (DXY) is currently above the 104 mark, standing at 104.33 against a basket of six major currencies. It has decreased by 0.02 points or 0.02%, with gains narrowing to 0.32% over the last five trading sessions.
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Gold is trading close to its all-time highs, gradually recovering from recent declines. It is just over Rs 400 away from its lifetime high of Rs 66,943. In international markets, prices have surged above the $2,220 per troy ounce threshold.
MCX Gold and Silver futures both saw gains on Monday. The April gold contract reached a new lifetime high of Rs 69,487 before closing the day with a slight increase of Rs 170 per 10 grams or 0.25% at Rs 68,459. Meanwhile, the May silver contract remained unchanged at Rs 75,568, showing an increase of only Rs 36 or 0.05%.
Gold futures on Comex have reached a lifetime high of $2,286 per troy ounce.
The dollar index (DXY) surpassed the 105 mark, continuing its upward trend over the last five sessions, reaching a gain of 0.78%. By Tuesday, around 9 am India time, it was trading at 105.04, showing an increase of 0.03 points or 0.02%.
Gold has maintained a positive trajectory amidst geopolitical tensions in the Middle East. However, the recent increase in prices is primarily attributed to growing expectations of a rate cut by the US Federal Reserve, as noted by Anuj Gupta, Head of Commodity & Currency at HDFC Securities.
According to Anuj Gupta, Head of Commodity & Currency at HDFC Securities, prices on MCX have increased by 0.90% or Rs 612 in April. On a year-to-date basis, there has been an uptick of Rs 5,086 or 8.05%. Regarding the Silver contract, the gains from the previous month stand at 0.64% or Rs 484, with year-to-date gains reaching 1.48% or Rs 1102, Gupta added.
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Gupta also mentioned that the price of gold in major physical bullion markets such as Delhi, Ahmedabad, and other cities is Rs 68,500 per 10 grams. Additionally, he stated that the price of 1 kg of silver is Rs 76,500.
According to Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies, gold’s price surged to a record high but experienced a slight decrease due to reassessments of potential interest rate cuts by the Federal Reserve, prompted by strong US manufacturing data. Despite a mild decrease in inflation, the rise in gold prices this year has been supported by expectations of monetary easing, geopolitical tensions, and significant buying activity in China. However, recent statements by Fed Chair Jerome Powell indicate no immediate rate cuts, leading the market to closely monitor upcoming US economic data for further insights.
Qureshi further noted that on the Daily chart, MCX Gold futures have exceeded its rising channel pattern, displaying a pattern of increasing highs and lows, suggesting upward momentum. However, she cautioned against a potential price pullback as the Relative Strength Index (RSI) approaches the overbought zone. The analyst from Anand Rathi identifies resistance levels at Rs 68,150- Rs 68,900, and support levels at Rs 67,600- Rs 67,000.
Neha Qureshi’s intraday trading strategy suggests the following:
– Buy MCX June gold futures at Rs 68,400. Set a stop loss at Rs 68,000 and a price target of Rs 68,900.
– Buy MCX May silver futures at Rs 75,600. Set a stop loss at Rs 74,600 and a price target of Rs 77,600.


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