Gold prices witnessed a strong wave of ₹ 1,493 and breached the psychological brand of ₹ 96,000 for 10 grams of brand on Monday, driven by the growing demand in the global market.
In the multiple exchange of basic products (MCX), the yellow metal hires for the delivery of June, the stellar race for the third consecutive day going up ₹ 1,493 or 1.57 percent to play a new peak of ₹ 96,747 for 10 grams
Later, he retired from the record rally to operate ₹ 1,346 or 1.41 percent to ₹ 9600 for 10 grams with an open interest or 21,540 lots.
Similarly, the subsequent contract for the delivery of August was recovered by ₹ 1,464 or 1.53 percent to reach a record of ₹ 97,360 for 10 grams in the MCX.
Basic products markets closed on Friday for Good Friday.
Analysts said that continuous commercial tensions between the United States and China have put in global uncertainty, indicators to seek refuge in safe assets.
While a resolution is still difficult to achieve between the two largest economies in the world, the bullish impulse in gold is likely to persist, they added.
In world markets, gold futures reached a new maximum of $ 3,400.86 per ounce.
“Gold increased to establish a new record, helped by a lower dollar and a safe security purchase amid world commercial concerns,” said Rahul Kalantri, vice president of basic products in Mehta Equites Ltd.
He said that the US dollar sank to a minimum of two years after President Donald Trump began a series of Ataint against the president of the United States Federal Reserve, Jerome, last Thursday, with his staff considering whether to replace Powell, a movement that Windal Dare In Dipper.
“The ECB (European Central Bank) reduces interest rates at 25 basic points that supported gold prices.
“Gold shows a very high volatility and only any positive conversation about limited profits from the US-China Commercial Agreement of precious metals, otherwise it could continue to show strength,” Kalantri added.
Posted on April 21, 2025