Gold rate today: Gold prices surge to over Rs 1.02 lakh per 10 grams; what’s the outlook?
Gold rate today: MCX gold October futures reached a historic peak of Rs 1,02,191/10 grams on Friday, influenced by uncertainties surrounding US trade tariffs and increased purchases by global central banks seeking safe-haven assets.Silver September futures demonstrated strength, reaching Rs 1,14,900/kg, showing an increase of Rs 614 or 0.54%.Yesterday witnessed positive closings for both precious metals in domestic and international markets. The gold October futures settled at Rs 1,01,468 per 10 grams, increasing by 0.20%, whilst silver September futures concluded at Rs 1,14,286 per kilogram, rising by 0.56%, according to an ET report.Market experts attribute the upward movement in precious metals to risk-averse investment strategies and global economic uncertainty.The appreciation in gold and silver prices stems from concerns over US trade tariffs and strategic acquisitions by central banks worldwide. Notably, the People’s Bank of China has continued its gold accumulation strategy, marking its ninth successive monthly increase in July.According to Bloomberg reports, international central banks expanded their holdings to 73.96 million ounces during July.“Gold crossed its resistance level of $3,454 per troy ounce, and if prices sustain above these levels, could show further strength towards $3,509–3,540 per troy ounce in the upcoming sessions. Silver has also crossed its resistance level of $38.10 per troy ounce, and if prices sustain above these levels, could extend its gains towards $38.80–39.40 per troy ounce in the upcoming sessions,” said Manoj Kumar Jain of Prithvifinmart Commodity Research, according to the ET report.The US Dollar Index, DXY, registered a decline of 0.29 or 0.29%, positioning itself around 98.11.“We expect gold and silver prices to remain volatile in today’s session amid US tariff uncertainty and volatility in the dollar index, and gold is expected to trade in the range of $3,410–3,540 per troy ounce, and silver is also expected to trade in the range of $37.70–39.10 per troy ounce in today’s session,” he added.“The overall tone remains positive, with both metals set to mark a second straight week of gains amid heightened trade uncertainty and expectations of a softer Fed approach,” said Rahul Kalantri, VP – Commodities at Mehta Equities.
Gold Trading Strategy
Trading recommendations for precious metals by Manoj Kumar Jain indicate specific price levels for market operations.For gold trading on MCX, the crucial support levels are positioned at Rs 1,01,000-1,00,475, whilst resistance levels are identified at Rs 1,02,200-1,03,500.In silver trading, support levels are established at Rs 1,13,400-1,12,750, with resistance points noted at Rs 1,15,500-1,16,650.The analysis recommends initiating silver purchases when prices exceed 1,14,000, implementing a protective stop loss at 1,12,800, with potential targets ranging between 1,15,500–1,16,650. Additionally, gold prices are anticipated to reach the 1,03,000 level during the current trading session.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
