Gold prices rise for 4 consecutive sessions, gain by Rs 3,800. Check price prediction

Gold June futures contracts at MCX opened higher by Rs 635 or 0.66% at Rs 96,234/10 gms, pushed by a weakness in the dollar index and also boosted by the persisting tensions in the Middle East. The yellow metal has surged for four consecutive sessions, rising by Rs 3,800 during the rally.

Additionally, silver July futures contracts also opened higher by Rs 719 or 0.73% at Rs 98,964/kg. The prices of silver have also risen in the last 3 trading sessions.

On Thursday, gold and silver settled on a positive note in the domestic and international markets. Gold June futures contract settled at Rs 95,599 per 10 grams with a gain of 0.80%, and silver July futures contract settled at Rs 98,245 per kilogram with a gain of 0.98%.

Gold and silver gained for the third straight session in the international markets amid tensions in the Middle East and weakness in the dollar index.

“After a media report that Israel is preparing for a strike on Iranian nuclear facilities, safe-haven buying for precious metals emerged once again. This report comes at a very crucial time as the U.S. is negotiating with Iran for a nuclear deal and any military action of Israel could increase tensions and continue to support safe-haven buying for precious metals,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.

Gold and silver prices also gained amid weakness in the dollar index due to U.S. rating downgrades. The dollar index slipped below 100 marks once again and also supports prices of gold and silver. Today, the US Dollar Index, DXY, was hovering near the 99.49 mark, falling 0.07 or 0.07%.“Gold prices crossed $3,300 per troy ounce and silver prices are also trading above $33 per troy ounce and could show further strength. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and Middle East tensions; gold prices could hold their support level of $3,120 per troy ounce and silver prices could also hold $31.40 per troy ounce levels,” Jain added.

What analysts say?

Manoj Kumar Jain suggested the following ranges for gold and silver on MCX:

• Gold has support at Rs 95,100-94,650 and resistance at Rs 96,000-96,650
• Silver has support at Rs 97,400-96,650 and resistance at Rs 99,100-1,00,000.

Jain suggests buying silver around Rs 98,000 with a stop loss of Rs 97,100 for a target of Rs 99,200-1,00,000.

Meanwhile, from a long-term perspective, renowned author of the book ‘Rich Dad Poor Dad’, Robert Kiyosaki, in his tweet on the social media platform X, posted how he stands firm on his view that gold prices are set to hit $25,000.

“The party is over. Hyperinflation is here. Millions, young and old to be wiped out financially. Good news. Gold will go to $25,000. Silver to $70. Bitcoin to $500 k to $ 1 million,” he said.

Link: https://x.com/theRealKiyosaki/status/1925141580484346367

Gold rates in physical markets

Gold Price today in Delhi

Standard gold (22 carat) prices in Delhi stand at Rs 58,136/8 grams while pure gold (24 carat) prices stand at Rs 62,024/8 grams.

Gold Price today in Mumbai

Standard gold (22 carat) prices in Mumbai stand at Rs 57,064/8 grams while pure gold (24 carat) prices stand at Rs 60,872/8 grams.

Gold Price today in Chennai

Standard gold (22 carat) prices in Chennai stand at Rs 56,728/8 grams while pure gold (24 carat) prices stand at Rs 60,480/8 grams.

Gold Price today in Hyderabad

Standard gold (22 carat) prices in Hyderabad stand at Rs 57,240/8 grams while pure gold (24 carat) prices stand at Rs 61,008/8 grams.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)