Gold prices hit a fresh all-time high of ₹69,487
Gold prices in India reached an all-time high of ₹69,487 per 10 grams on Monday, marking a significant increase of nearly ₹1,800 in initial trade. This surge was primarily driven by international market trends following the release of benign US inflation data. At 9:30 am, MCX April gold futures were trading at ₹68,930 per 10 grams, following an increase of ₹1,253 or 1.85%. Concurrently, silver futures maturing in May stood at ₹75,787 per kg, higher by ₹739 or approximately 1%.
Gold's performance linked to geopolitical tensions, rate cut expectations
Anuj Gupta from HDFC Securities highlighted that gold's strong performance is due to geopolitical tensions in the Middle East and expectations of a rate cut by the US Federal Reserve. He anticipates that the Multi Commodity Exchange (MCX) gold contract would trade between ₹66,330 and ₹69,300 while silver would range between ₹78,900 and ₹73,400. In March, gold prices have recorded an impressive rise of about 8.17% or ₹5,110 on MCX.
Gold and silver prices in major physical bullion markets
In major physical bullion markets like Delhi and Ahmedabad, gold is priced at ₹68,000 per 10 grams and silver at ₹76,000 per kg. On MCX, gold futures maturing on June 5, 2024, were valued at ₹68,809 per 10 grams after recording a jump of ₹1,108 or 1.64%. Silver futures maturing on May 3, 2024 saw an increase of ₹630 or approximately 1% and were trading at ₹75,678 per kg.
