The bullion market in India witnessed an upward trend in gold prices today. For 24K gold, prices have surged by Rs 3,800 to reach Rs 14,48,200 per 100 grams. Meanwhile, the price for 10 grams of gold rose by Rs 380 to Rs 1,44,820, while 8 grams saw an increase of Rs 304 to reach Rs 1,15,856. The price for 1 gram of 24K gold is up by Rs 38, settling at Rs 14,482.
The 22K gold segment also recorded gains. The price for 100 grams of 22K gold increased by Rs 3,500 to Rs 13,27,500, while 10 grams rose by Rs 350 to Rs 1,32,750. Furthermore, 8 grams of 22K gold gained Rs 280 to touch Rs 1,06,200, and 1 gram is up by Rs 35 to Rs 13,275. In the 18K category, prices advanced by Rs 2,900 to Rs 10,86,200 for 100 grams and by Rs 290 to Rs 1,08,620 for 10 grams. Additionally, 8 grams of 18K gold jumped by Rs 232 to Rs 86,896, while 1 gram increased by Rs 29 to Rs 10,862.
Silver Market Trends
A similar momentum was observed in silver rates. The price of 1kg of silver soared by Rs 5,000 to reach Rs 2.40 lakh. For smaller denominations, 100 grams and 10 grams of silver rose by Rs 500 and Rs 50 respectively, to trade at Rs 24,000 and Rs 2,400. Furthermore, 8 grams of silver gained Rs 40 to Rs 1,920, and 1 gram of silver edged higher by Rs 5 to Rs 240.
Market Analysis and Technical Outlook
Aamir Makda, Commodity & Currency Analyst at Choice Broking, noted that escalating tensions between the US and Iran are keeping global markets on edge. COMEX Gold spot has rebounded from its recent dips and is currently trading above $4100 per ounce. MCX Gold future resumed with a gap down today at 144,890, continuing to trail above the 200-DEMA level of 141,125. If these geopolitical tensions persist, they could inflate oil prices, which might exacerbate concerns regarding inflation. Immediate resistance for gold is identified at the 20-DEMA level of 146,617.
Regarding silver, Makda observed that the price surged by nearly 1.50% in the previous session and opened on a flat note at 226,368. The price continues to sustain above the 200-DEMA level of 223,300, which serves as a key support point. The Gold/Silver ratio has retraced from the psychological level of 70 and is currently trailing at 68.15, suggesting that silver may outperform gold prices. Looking at Open Interest (OI) levels, there is a rise to 11,530 lots, indicating a long buildup from price dips. Immediate resistance levels are placed at the 20 and 50-DEMA levels of 223,155 and 242,400, respectively. A breakout above these levels is expected to accelerate the upward momentum for silver.
