Gold and Silver Reach Record Highs Today

Gold and Silver Reach Record Highs Today

Gold and Silver Reach Record Highs Today

Gold prices surged to a new peak of ₹69,908 per 10 gm on the Multi Commodity Exchange (MCX) after hitting a high of $2,323.70 per ounce in the international market. Similarly, MCX silver rates reached a new lifetime high of ₹79,630 per kg.

Factors Driving the Surge in Gold and Silver Prices

Commodity market experts attribute the rise in gold and silver prices to the dovish stance of the US Federal Reserve on interest rates, following Chairman Jerome Powell’s recent speech. Powell’s remarks have fueled expectations of an imminent rate cut, particularly in the upcoming Fed meeting scheduled from 30th April to 1st May 2024.

US Fed Rate Cut Expectations

Anuj Gupta, Head of Commodity & Currency at HDFC Securities, emphasized that the anticipation of a rate cut by the US Federal Reserve has bolstered gold and silver prices. Additionally, the cooling of US dollar rates post-Powell’s speech, coupled with the retracement of the US dollar index from its recent high, has further supported the bullish trend in bullion metal prices.

Other Contributing Factors

Amit Goel, Co-Founder & Chief Global Strategist at Pace 360, highlighted several factors driving the surge in gold and silver prices, including expected rate cuts by central banks worldwide, overselling and under-ownership of these metals, buying from central banks such as China, and geopolitical tensions in regions like Ukraine and the Middle East.

Key Levels to Monitor

Gold prices in the international market range between $2,280 to $2,320 per ounce, while MCX gold faces immediate support at ₹69,000 and resistance at ₹80,200 per 10 gm. Similarly, silver prices internationally range between $26.50 to $27.50 per ounce, with MCX silver rates varying from ₹78,000 to ₹80,500 per kg. Any dips in prices present buying opportunities for investors, according to Anuj Gupta.