Gold at all time high of ₹69,487. What is stoking the rally? Should you buy or sell?
Gold prices today: At 9:30 am, the MCX April gold futures were trading at ₹68,930 per 10 grams, up by ₹1,253 or 1.85%.
Gold prices today: Gold prices hit a fresh lifetime of ₹69,487 today (April 1). With this, the yellow metal gained nearly ₹1,800 per 10 gram in the opening trade following cues from international prices. Gold rose to a record as the second quarter kicked off extending a rally driven by the Federal Reserve moving closer to rate cuts and deepening geopolitical tensions.
What is the gold price today?
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At 9:30 am, the MCX April gold futures were trading at ₹68,930 per 10 grams, up by ₹1,253 or 1.85%. At the same time, May silver futures were trading at ₹75,787 per kg, higher by ₹739 or 0.98%.
Positive international cues helping gold prices?
Gold prices rose as Dollar Index (DXY) hovered above the 104 mark against a basket of six top currencies at 104.33, down by 0.02 points or 0.02%. In the past five trading sessions, it has narrowed gains to 0.32%.
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On Thursday, MCX Gold and Silver futures ended with gains with the April gold contract settling at ₹67,725. They hit a lifetime high of ₹67,859 on Thursday while May silver contract ended flat at ₹75,044.
Why have gold prices been rising? Should you buy?
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Gold has been trading high amid geopolitical tension in the Middle East. The recent uptick in prices has been as it is hoped that the US Federal Reserve could bring a rate cut. In March, the prices have risen by 8.17% or ₹5,110 on MCX while on a year-to-date basis, the uptick is ₹4,474 or 7.08%. For the silver contract, the previous month’s gains stand at 4.75% while the year-to-date gains are at 0.83%.
