Current gold rate: The price of 10 grams of yellow metal on MCX soars to a record high of 93,736. Do you want to purchase?
Today gold rate: On Friday,gold prices set a new high after breaking above the crucial $3,200 per ounce threshold for the first time. The price of spot gold increased 1.3% to $3,216.48 per ounce.Bullion gained more than 5% for the week after scaling an all-time high of $3,219.73 earlier in the session.
Following a surge in global bullion prices that hit a new high due to safe-have buying amid rising tensions in the trade war,gold prices on the MCX began higher on Friday.
The MCX gold rate jumped to a new high of 93,736 after opening higher at 92,463 per 10 grams compared to its previous closing of 92,033. After closing at ₹91,595,the price of MCX silver opened at ₹92,000.
At 12:10 PM,the price of MCX gold was up 1.33%,or ₹1,221.00,at 93,254,while the price of MCX silver was up 0.87%,or ₹793,at 92,388 a kilogram.
Gold prices on the global market set a new high on Friday after breaking above the crucial $3,200 per ounce level for the first time.
The price of spot gold increased 1.3% to $3,216.48 per ounce. Bullion gained more than 5% for the week after scaling an all-time high of $3,219.73 earlier in the session. At $3,236.00,US gold futures increased 1.9%.
Amidst persistent worries over the trade war,gold prices have shown a breakout on the upside. Strong short covers are also seen in the yellow metal. Indicating that traders are favoring gold, the gold-to-silver ratio has also increased above the 102 mark. However,given the volatility of the world market, it is advisable to exercise caution,”stated Ajay Kedia,Director of Kedia Advisory.
Investors flocked to safe-haven assets like gold due to a weaker dollar,which made bullion priced in US dollars more affordable for foreign purchasers,and growing concerns about the trade war.
In addition to raising taxes on Chinese goods to 145%,US President Donald Trump paused already imposed penalties on dozens of countries for 90 days. There are concerns that Beijing may raise taxes on the US over the current 84% level because China has been matching each of Trump’s tariff increases with increases of its own,according to Reuters.
Outlook for Gold Prices :
Ajay Kedia states that the MCX gold price aim is ₹95,000 per 10 grams, whereas the target for worldwide gold prices is $3,320.
“On the MCX,resistance is seen at the ₹95,000 level,while gold prices may find support at the ₹90,000 level,”Kedia stated.
Disclaimer:
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