GOLD PRICE TODAY: BUY, SELL OR HOLD? CHECK CITY-WISE RATES AS YELLOW METAL SPARKLES AMID IRAN-ISRAEL WAR

Gold Price Today: Gold and silver prices surged on Friday, poised for their fifth consecutive weekly gain. This rise was fueled by investors flocking to safe-haven assets amid political instability in the Middle East, despite the looming possibility of prolonged higher US interest rates.

On the Multi Commodity Exchange (MCX), Gold June futures traded at Rs 72,723, up by Rs 40 or 0.06 per cent, while Silver May 3 futures were seen at Rs 83,426, up by Rs 153 or 0.18 per cent, at 1:00 PM on Friday.

Gold Rates City-wise Today (24K)

Delhi: Rs 74,490 per 10 grams

Mumbai: Rs 74,340 per 10 grams

Kolkata: Rs 74,340 per 10 grams

Chennai: Rs 75,160 per 10 grams

Bangalore: Rs 74,340 per 10 grams

Gold Price: Buy, Sell or Hold

Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said that the last week's low number of Americans filing new unemployment benefit claims suggests continued strength in the labor market. According to Kalantri, the yellow metal finds support levels at $2386-2360 and resistance at $2424-2445, while silver's support lies between $28.55-28.35 with resistance at $29.05-29.22.

"In terms of INR, gold has support at Rs 73,180 and Rs 72,850, with resistance at Rs 73,780 and Rs 74,110, while silver's support ranges from Rs 84,540-83,880, with resistance at Rs 84,940 and Rs 85,780,” said Kalantri.

Spot Gold Above $2400

Today, gold is sharply up, surging above $2400, in the Asian session on reports that explosions have been heard in Iran's Central cities of Qahjavaristan in the northwest of Ishfahan (location of nuclear technology) and Natanz (location of nuclear power plant). It has also been reported that Iran has confirmed Israeli attack. Simultaneous explosions have been heard in Syria and Iraq.

Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas said that the risk appetite is hit, and the market participants wait for further confirmation.

Singh expects Gold to trade with a positive bias in the near term unless geopolitical tensions subside. According to the Singh, support for the yellow metal is at $2360/$2320/$2300, while the Resistance is placed at $2450/$2500.

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(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)

2024-04-19T08:32:22Z dg43tfdfdgfd