Gold rate today: Gold prices rise to record Rs 1.01 lakh per 10 grams; What is the approach for yellow metal?
Gold Rate Today: Gold prices at a historic peak of Rs 10 grams per 10 grams per 10 grams per 10 grams on MCX (August Futures), after the closure of above Rs 1 lakh on Friday, supported by global equity pressures and rising crude oil prices.Silver July Futures maintained stability near recent summit levels, which is starting trading at Rs 1,06,464 per kg today.The previous trading day saw positive closed for both precious metals in domestic and international markets. Gold August futures settled at Rs 1,00,276 per 10 grams, with an increase of 1.91%, while the silver futures registered an increase of 0.57% at Rs 1,06,493 per kg.The increase in gold and silver prices of last week was held responsible to investors looking for safe-heaven assets between the Israeli-Iran struggle and weak dollar index. The decline in global equity markets and upward movement in crude oil prices provided additional support for precious metal evaluation.The safe-heaven demand arising out of Bhurajnic stress, which is according to Manoj Kumar Jain, which is according to Manoj Kumar Jain from Prithvivipinmart Commodity Research. She told ET that gold prices exceeded $ 3,450 per troy ounce and could reach their previous record high in international markets, with the possibility of suit to follow in upcoming trade sessions of silver.“We hope that gold and silver prices will remain unstable this week amidst dollar index and instability in geopolitical tension, and gold prices can hold the major support level of their $ 3,284 per troy ounces and silver prices can also hold $ 34.00 per troy ounce level based on weekly closing,” Jain said.VP commodities in Mehta Equities, Rahul Kalamanti, was quoted, “with global equities, with global equities, precious metals received support. Gold may soon take its lifetime to a high level, and silver is expected to track its movement. A depreciation rupee may further increase the prices of domestic bullion, “Kalant said.The US dollar index, DXY, was seen trading near 98.28, showing an increase of 0.10 or 0.10%.
Business strategy for gold and silver
- According to Manoj Kumar Jain’s analysis, the gold trading levels show a support of Rs 99,650-99,100, which contains resistance for Rs 1,01,100-1,01,800. For silver, the support level is Rs 1,05,800–1,05,000, while resistance is Rs 1,07,200–1,08,000.
- Given the ongoing Israeli-Iran struggle, Jain recommends avoiding small positions in both metals. For gold investment, consider buying between Rs 99,600-99,100, Rs 1,01,100-1,01,800 with opportunities to take advantage.
- For silver transactions, the recommended purchase range is between Rs 1,05,000-1,04,000, with a profit-booking target of Rs 1,07,200-1,08,000.
- Business participants are advised to take precautions and follow these specified levels.
- Additionally, Rahul Kalamanti identified gold assistance for Rs 99,620-99,390 and resisted for Rs 1,00,650-1,00,940. For silver, he supports Rs 1,05,550–1,04,750 and resists at Rs 1,06,300–1,06,950.
(Disclaimer: Recommendations and views on stock markets and other asset classes given by experts are their own. These opinions do not represent the views of Times of India)
