Gold prices have surged again today. In the futures market, gold has crossed ₹1,48,000. Know the new rates in your city.
Gold prices in the domestic spot market registered a good increase today. According to data from Good Returns, the price of 24-carat gold in Delhi reached ₹1,46,660 per 10 grams, an increase of ₹430.
Similarly, the price of 22-carat gold has also increased by ₹400 to ₹1,34,450 per 10 grams. Meanwhile, 18-carat gold is trading at ₹1,10,030 per 10 grams, up by ₹320.
However, unlike gold, silver prices have remained stable. The price of silver is trading unchanged today at ₹2,50,000 per kilogram.
On the Multi Commodity Exchange (MCX), gold and silver prices are also trending upwards. In early trade, gold for August 5 delivery reached the level of ₹1,48,000 per 10 grams, a gain of 0.54% or ₹797.
Meanwhile, silver futures for July 3 delivery were also seen trading with a strong gain of 1.05% or ₹2457 at ₹2,35,642 per kilogram. This has sent positive signals to the market.
Market experts believe that more volatility can be seen in gold prices.
Dr. Ravi Singh, Chief Research Officer at Mastertrust, stated, "For MCX Gold, the support levels are ₹1,33,400 and ₹1,29,800. The resistance levels are ₹1,54,000 and ₹1,55,600."
Investors have been advised to keep an eye on these levels to formulate the right strategy.
There is a major international reason behind this surge in gold prices. The first round of talks between the US and Iran regarding an interim peace deal in Switzerland has been completed.
Both countries have agreed on a roadmap for a final deal and want to finalize it within the next 60 days. The market has breathed a sigh of relief following this positive news.
This development has reduced concerns about inflation, which could dampen expectations of an interest rate hike by the US Federal Reserve.
A lower probability of a rate hike is a positive sign for precious metals like gold, as it reduces bond yields and attracts investors to gold.
Overall, expectations of global geopolitical stability have supported the gold market. In the coming days, investors' eyes will be on the final deal between the US and Iran and the stance of the Federal Reserve.
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