Gold prices surpass ₹71,000 for first time in India
Gold and silver prices in India soared to new heights during today's trading session. Gold contracts on the Multi Commodity Exchange (MCX) surged to ₹71,080 per 10 grams, marking a rise of ₹440 or 0.62%. Meanwhile, silver futures also set a new record by trading at ₹81,939, up by ₹1,076 or 1.33%. Notably, Nifty and Sensex also touched new peaks in today's session with the market capitalization of listed BSE companies crossing ₹400 lakh crore milestone for the first time.
Previous week also witnessed record-breaking prices
The previous week was also notable for record-breaking gold and silver futures prices on the MCX. June Gold futures reached a peak of ₹70,699 per 10 grams, but closed slightly lower at ₹70,599. Silver futures for May hit a record high of ₹81,030 per kilogram before ending the week at ₹80,850. On the Comex exchange, which is a major commodities futures trading platform, the price of gold futures reached a historical peak of $2,372 per troy ounce (~31 grams).
Analyst predicts continued rally in gold prices
Anuj Gupta of HDFC Securities predicts the gold rally to continue if prices stay above $2,225. He anticipates a potential rise for Comex gold toward $2,370 and $2,400 in the short term. For MCX gold, Gupta suggests that the June contract may face resistance at ₹72,650-73,555 with support levels placed at ₹69,200-69,022.
Significant gains in gold and silver prices this year
Gupta highlighted that MCX prices have risen by 4.86% or ₹3,298 in April alone. The year-to-date increase amounts to ₹7,777 or 12.30%. For the silver contract, this month's gains are at 8.82% or ₹6,604, while year-to-date gains stand at 9.68% or ₹7,226. In major physical bullion markets like Delhi and Ahmedabad, gold is priced at ₹71,000 per 10 grams and silver at ₹82,000 per kilogram.
China's gold reserves contribute to price surge
Neha Qureshi from Anand Rathi Commodities & Currencies noted that China's central bank has been consistently adding gold to its reserves for the past 17 months as of March. This has contributed to the recent surge in gold prices. According to Qureshi, this trend reflects geopolitical tensions and economic uncertainties, enhancing the appeal of gold as a safe-haven asset.
