MCX silver March contracts surged nearly 2% to a new high of ₹2,23,742 per kg, while MCX gold February futures increased by 0.42% to a record high of ₹1,38,469 per 10 grams.
The current price of gold: Expectations of additional rate cuts by the US Fed and the weakening of the dollar caused the rates of gold and silver to reach new all-time highs on the MCX on Wednesday morning, December 24. MCX silver March contracts surged nearly 2% to a new high of ₹2,23,742 per kg, while MCX gold February futures increased by 0.42% to a record high of ₹1,38,469 per 10 grams. MCX silver was up 1.74% at ₹2,23,481 at 9:20 am, while MCX gold was up 0.34% at ₹1,38,354 per 10 grams.
For the first time, international gold prices broke $4,500 per ounce on Wednesday as demand for safe havens continued to be fueled by prospects of additional rate cuts by the US Federal Reserve next year.
In addition to the Fed, the current surge in gold prices is also being driven by the weakening dollar and tensions between the United States and Venezuela.
"As inflation declines and job conditions improve, markets are projecting two rate reductions in 2026. Meanwhile, demand for safe havens has increased due to tensions between the US and Venezuela following the US blockade of oil tankers, according to Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Gold became somewhat less expensive in foreign currencies as the dollar index fell by 0.20% to a nearly three-month low.
Spot silver prices have increased by 145%, following the worldwide trend, while domestic spot gold prices have increased by around 80%. Silver has experienced a remarkable 149% growth, while gold has increased by 72% in foreign markets thus far this year.
While silver has surged on strong industrial demand amid a structural shortfall, gold prices have been propelled this year by US Fed rate reduction and expectations of additional easing, geopolitical tensions, powerful central bank buying, and significant investment in exchange-traded funds.
While silver has surged on strong industrial demand amid a structural shortfall, gold prices have been propelled this year by US Fed rate reduction and expectations of additional easing, geopolitical tensions, powerful central bank buying, and significant investment in exchange-traded funds.
According to Jain, gold has resistance at $4,535 and $4,580 per troy ounce and support at $4,480 and $4,434 during today's session. Support for silver is found at $70.00 and $67.70 per troy ounce, while resistance is found at $72.70 and $74.00.
According to Jain, silver has support at ₹2,17,700 and ₹2,16,000 and resistance at ₹2,22,000 and ₹2,25,000 on the MCX, while gold has support at ₹1,36,660 and ₹1,35,800 and resistance at ₹1,38,850 and ₹1,40,000.
"We suggest booking profits in gold and silver long positions around ₹1,40,000 and ₹2,24,000 ahead of the Christmas holiday and wait for some corrective dips for initiating fresh long positions," Jain stated.
Trivedi claims that ₹1,39,000 is today's resistance and that MCX gold February futures may remain positive.
Gold has support between $4,465 and $4,415 and resistance at $4,545 and $4,570, according to Rahul Kalantri, vice president of commodities at Mehta Equities. Silver has resistance at $72.00 and $72.90 and support at $70.40 and $69.75.
Gold has resistance at ₹1,38,650 and ₹1,39,470 and support at ₹1,36,550 and ₹1,35,710 in INR. According to Kalantri, silver has resistance at ₹2,21,810 and ₹2,22,970 and support at ₹2,18,150 and ₹2,16,780.
0 Comments