Gold and Silver rate today (April 12, 2024): Precious metals scale record highs; yellow metal nears Rs 73,000; white metal up over 2%

Gold and Silver rate today (April 12, 2024): In the afternoon trade, domestic precious metal futures on Friday (April 12) again hit fresh record highs after scaling new heights in the morning deals; yellow metal futures surpassed Rs 72,800; white metal futures rose over by Rs 1,700 after slightly softer than expected US PPI inflation data.

Last seen, MCX gold futures (Jun 5) traded Rs 1,108, or 1.55 per cent, higher at Rs 72,752 per 10 grams at the last count. Meanwhile, MCX Silver futures (May 3) traded Rs 1,688, or 2.04 per cent higher, at Rs 84,535 per kg. 

"Gold prices surged by over 1000rs to reach 72700, largely driven by escalating tensions between Iran and Israel amidst the ongoing Middle East crisis. This geopolitical uncertainty has fueled a rush into safe-haven assets, propelling gold prices up by 1.60 per cent. Despite this sharp increase, the overall trend in gold remains bullish, with strong support seen at 70000," said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Meanwhile, COMEX gold in the international market was up 1.74 per cent at $2,414.9.

"The yellow metal may continue to see strong buying support into the dips and buying momentum based on central banks' buying, China's buying, geopolitical tensions, and unsustainable US fiscal deficit may keep the metal going up, though valuation is looking somewhat frothy now. The US Federal Reserve has committed to rate cuts even when inflation issues linger and has given a green light to bulls," said Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

Singh added for spot gold support is at $2350/$2320/$2300 and resistance is at $2400/$2450. Overall, gold is eyeing the level of $2600 in this rally. 

Here's an indicative list of spot gold prices in some of the major Indian cities.

City-wise gold rate (24k) in India (April 12, 2024)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

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