Gold price today: Gold prices have once again seen a big jump. Gold reached a new all -time high level of ₹ 1,01,078 per 10 grams in August futures on MCX (Multi Commodity Exchange). This boom remained even after crossing the level of ₹ 1 lakh on Friday, which suggests that the demand in the market is still strong. At the same time, silver prices also remain in rise. July futures opened around ₹ 1,06,464 per kg on Monday.
At the same time, 10 grams of 24 carat gold in the domestic market has crossed ₹ 1,01,000 per 10 grams. This is the first time in two months, when Gold has crossed a psychological level of 1 lakh. The price has increased by ₹ 1,500 as compared to last Friday. At the same time, when it comes to silver, its price is currently ₹ 1,09,900 per kg.
Why is the price of gold increasing?
Land-political stress: Global uncertainty has increased due to tension between Iran and Israel. At such a time, investors often turn to ‘safe-hevan’ i.e. safe options. Gold and silver are the first choice of investors in this case.
Dollar weakness in index: When the dollar is weak, the price of gold usually climbs, as it becomes cheaper for international buyers.
Crude oil became expensive: The fear of rapid inflation in crude oil prices increases. This factor also increases the demand for gold, as it is considered the most effective weapon against inflation.
Indian rupee weakness: Gold prices in India are also increasing due to the weakening of the rupee against the dollar. Because we mostly import gold and pay it in dollars.
Gold-silver performance last week
The prices of both gold and silver saw a boom last week. Gold closed at ₹ 1,00,276/10 grams on Friday, gaining 1.91%. At the same time, there was a growth of 0.57% in the price of silver and it was closed at ₹ 1,06,493/kg.
It is clear from this that due to economic and global uncertainty not only the technical reason, investors have a tendency towards the bullion.
Expert’s opinion on gold-silver prices
According to Manoj Kumar Jain, director of Prithvi Finmart, “Sona has closed above $ 3,450 per troy in the international market and in the coming time it can again touch its highest level. The rupee can also support the prices of gold and silver.”
He further said, “Gold can support $ 3,284 and silver $ 34.00 per troy ounces on weekly closing basis, although the dollar will continue to volatile due to the fluctuations in the index and geopolitical conditions.”
The Vice President (Commodities) Rahul Kal Minister also shared a similar view in Mehta Equites. He said, “Global equity market is weak and crude oil prices are continuously rising, so investors are turning to gold and silver to avoid risk. The fall in rupee can further strengthen the domestic bullion market.”
What to do now gold and silver investor?
Manoj Kumar Jain suggests that traders should make their strategy according to these important support and resistance levels on MCX:
- Support: ₹ 99,650 – ₹ 99,100
- Resistance: ₹ 1,01,100 – ₹ 1,01,800
- Boying Zone: ₹ 99,600 – ₹ 99,100
- Advice: As long as there is no concrete reconciliation in the Iran-Israel struggle, avoid short selling.
Silver McX:
- Support: ₹ 1,05,800 – ₹ 1,05,000
- Resistance: ₹ 1,07,200 – ₹ 1,08,000
- Boying Zone: ₹ 1,05,000 – ₹ 1,04,000
- Advice: Given high volatility, do the entry-exit with a strategy.
Gold retail prices in major cities (for 8 grams)
| City | 22 carat | 24 carat |
| Delhi | ₹ 57,768 | ₹ 61,624 |
| Mumbai | ₹ 56,648 | ₹ 60,432 |
| Chennai | ₹ 56,896 | ₹ 60,704 |
| Hyderabad | ₹ 56,976 | ₹ 60,672 |
Further stance on gold and silver (Outlook)
As the geopolitical tension increases, the central banks are taking more vigilance in their policies. Due to this, there can be fluctuations in gold and silver. However, the bullion still remains a strong option for investors who want risk protection and capital security, especially if the rupee remains weak.
Also read: Gold Rate Today: Gold becomes rocket from Iran-Israel War, Rs 125000 per 10 grams
Disclaimer: Advice or idea experts/brokerage firms given on Moneycontrol.com have their own personal views. The website or management is not responsible for this. Moneycontrol advises to users that always seek the advice of certified experts before taking any investment decision.
