Gold prices hit a fresh all-time high of ₹69,487
What's the story
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%.
Market analysis
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.
Market prices
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.