Gold Price Hits Rs 55,000 for First Time In 18 Months | Check Here
Gold prices today were firm today and rose above the key ₹55,000 level while silver rates also surged today. On MCX, gold futures were up 1.4% to ₹55,190 per 10 gram while silver rose 1.8% to ₹72,698 per kg. In global markets, gold rates were steady today after rising to a 19-month peak in the previous session. Spot gold was flat at $2,053.99 per ounce. Spot silver was up 1% at $26.66 per ounce, after touching a near nine-month high on Tuesday.
In the international market, gold extended rally on Tuesday towards a record high with US ban on oil from Moscow. However, the metal price slightly lost gains during early trade on Wednesday, weighed down by a stronger dollar and US Treasury yields. Spot gold was down 0.6 per cent at $2,040.07 per ounce, as of 0054 GMT. It rose to $2,069.89 during the previous, a whisker away from a record $2,072.49 touched in August 2020. US gold futures were up 0.2 per cent at $2,046.40. SPDR Gold Trust, holdings of the world’s largest gold-backed exchange-traded fund, jumped to 1,067.3 tonnes on Tuesday, highest since March 2021.
US Treasury yields surged, bouncing off eight-week lows. The dollar index increased to more that one-and-half-year high hit earlier this week.
Gold and silver rallied after the US banned Russian oil and gas imports. Global equity markets rallied and profit-taking was seen in both precious metals from higher levels. We expect both precious metals to remain volatile in today’s session but hold its support levels. Gold has support at $2024-1995, while resistance at $2064-2082 per troy ounce. Silver has support at $26.40-26.00, while resistance is at $27.14-27.55 per troy ounce,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Market players are also keeping an eye on implication of recent development on monetary policy stance of major central banks. Market players have played down possibility of aggressive moves by central banks however rising inflationary pressure on back of soaring commodity prices may pressurize central banks to act soon,” Kotak Securities said in a note.
(With Agency Inputs)