Gold and silver prices are still rising in India today due to dollar prices reaching the minimum level of the week and clearing the way for the American Stimulus Package. However, this uptake is modest. Gold has also gained support in the country due to the rise in spot gold in the international market. Gold is still trading above 48,000. At the same time, silver is also trading around Rs 70,000 per kg.
Futures gold (Future Gold), delivered on Multi Commodity Exchange (MCX) at 10.30 am today on April 5, is trading up by 0.27% i.e. Rs 128 to trade at Rs 48,076 per 10 gram level. At the same time, on 05 March, futures silver with delivery is trading up by 0.24% i.e. Rs 164, at Rs 69,860 per kg. Gold opened at the peak of 48,000 today and reached a high of 48,100.
Spot Gold prices go up
Spot gold today rose by Rs 495 to Rs 47,559 per 10 grams in the capital Delhi. At the same time, its price in Ahmedabad is Rs 47,907 per 10 grams. Gold also saw a boom in the international market today. Spot gold in the US today is trading 0.2% higher at $ 1843.88 an ounce. At the same time, US futures gold is also trading up 0.2% at $ 1840.40 an ounce. Silver is trading 0.6% higher at $ 27.36 an ounce.
Gold rose due to this
Gold and silver prices rose on expectations of increased demand for precious metals due to mixed figures of economic growth from major economies around the world and expected Lunar Day in China, with the US expected to approve a relief package. In addition, gold bond and silver have also been supported by higher bond yields, ETF outflows and improvement in the corona virus epidemic. Ravindra Rao, Head Commodity Research, Kotak Securities, said gold prices have risen due to a weaker dollar, but if the dollar strengthens, gold and silver prices will fall.
Investment advice at a level of Rs 47,750
Manoj Jain, director of currency research at Prithvi Finmart, told Moneycontrol that even today, gold and silver prices can be seen fluctuating. He said that the support level of gold today can be between 47,750 and 47,500. He has advised investors to invest in gold around Rs 47,750 and fix the loss of Rs 47,500 to make a profit by selling it at a target of Rs 48,300 per 10 grams. Manoj Jain said that the resistance level of gold can be between 48,300 to 48,580 rupees.