Precious metal prices: Gold prices scale to a record high of Rs 78,260 per 10 gm; silver zooms Rs 2,500 per kg
Gold prices have been scaling new highs amid escalating geo-political tensions and central banks' rate-cut spree
Gold rate today: Gold prices zoomed to a fresh high on October 21 as Middle East tensions fuelled demand for the asset as a safe haven. Mirroring gains in the international markets, gold on the MCX today hit a new high of Rs 78,260 per 10 gm. In the previous session, the yellow metal closed at Rs 77,749 per 10 gm.
Gold price on COMEX
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Rate cut by central banks pushing gold to record highs
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Gold and silver demonstrated strong performance over the past week following the European Central Bank's decision to cut interest rates in its recent monetary policy meeting. Gold prices surged past $2,700 per troy ounce, reaching all-time highs, while silver prices hit a 12-year peak in international markets. These gains were further supported by expectations of a potential rate cut from the U.S. Federal Reserve in November, following mixed U.S. economic data.
China's rate cut of a higher than expected quantum raised bullion's appeal
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Decline in the dollar index also provided support to gold, silver
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Rising geo-political tensions and upcoming US elections also aid gains
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MCX Silver up over 2 per cent
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Gold and silver's support and resistance levels
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Rahul Kalantri, VP Commodities, Mehta Equities said, "Gold currently has support levels at $2,710-$2,680, with resistance at $2,742-$2,758. Silver is seeing support at $33.40-$33.00 and resistance at $34.05-$34.35. In Indian rupees, gold has support at ₹77,400-₹77,240 and resistance at ₹77,980-₹78,200. Silver has support at ₹95,050-₹94,350 and resistance at ₹96,280-₹96,980.
Gold and silver- Near term price outlook
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Dr. Renisha Chainani, Head Research - Augmont - Gold For All is of the view that gold still has steam left to rise towards $2800 (~Rs 80000) in the next 15 days due to safe-haven buying amid geopolitical uncertainty, US election jitters in the first week of November and festive buying ahead of Dhanteras and Diwali in India.
Silver prices are sustaining above $33 (~Rs 95000), and it is likely to touch the next psychological target of $35 (~Rs 100,000) very soon, before heading for a correction.