Gold prices have reached a fresh all-time high, hitting Rs 86,875 per 10 grams for the April futures contracts at MCX, marking an increase of 0.21% or Rs 189 on Thursday. This rise continues amid growing uncertainty surrounding the U.S. trade tariffs and a slowdown in global growth prospects. Meanwhile, silver prices for the May futures contract were slightly down by 0.09% or Rs 87, trading at Rs 99,389 per kilogram.
In March alone, gold prices have risen by Rs 2,600 per 10 grams, while silver has surged by Rs 5,061 per kilogram. On Wednesday, both gold and silver saw gains, with gold settling at Rs 86,686 per 10 grams, up by 0.62%, and silver at Rs 99,476 per kilogram, gaining 1.37%. Gold and silver have extended their positive momentum, driven by safe-haven buying as market uncertainty increases, especially with the ongoing trade tensions between the U.S. and other global economies.
Geopolitical and Economic Factors Driving Precious Metals
Gold’s rise to a new lifetime high in the international markets is attributed to safe-haven demand, fueled by concerns over the U.S. trade tariffs and retaliation from its trade partners. These concerns, combined with global economic uncertainties, have led to increased buying of precious metals. Moreover, U.S. inflation data, which was slightly lower than the previous month, has provided some optimism, with expectations that the U.S. Federal Reserve may not be as hawkish in its future monetary policy.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold and silver are expected to remain volatile this week, particularly due to fluctuations in the U.S. Dollar Index and the ongoing U.S. trade war. He notes that both metals could hold key support levels of $2,840 per ounce for gold and $31.40 per ounce for silver on a weekly closing basis.
As of today, the U.S. Dollar Index (DXY) is hovering around 103.57, showing a minor decline of 0.04%. Jain recommends buying gold around Rs 86,400 with a stop loss at Rs 86,080, targeting Rs 87,000, and buying silver around Rs 98,800 with a stop loss at Rs 98,000, aiming for a target of Rs 1,00,500.
Gold Prices in Major Indian Cities
Here are the current gold prices across major Indian cities:
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Delhi:
- Standard Gold (22 carat): Rs 57,992 per 8 grams
- Pure Gold (24 carat): Rs 61,832 per 8 grams
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Mumbai:
- Standard Gold (22 carat): Rs 57,112 per 8 grams
- Pure Gold (24 carat): Rs 60,896 per 8 grams
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Chennai:
- Standard Gold (22 carat): Rs 56,632 per 8 grams
- Pure Gold (24 carat): Rs 60,392 per 8 grams
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Hyderabad:
- Standard Gold (22 carat): Rs 56,824 per 8 grams
- Pure Gold (24 carat): Rs 60,608 per 8 grams
As global uncertainty continues, both gold and silver are expected to stay volatile, with safe-haven buying continuing to support their prices.
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