New Delhi
There is an atmosphere of uncertainty worldwide. Because of this people are running towards safe investment. Its effect is also visible on gold prices. On Wednesday, the gold futures of April on MCX reached a new record level of ₹ 84,399 per 10 grams. At 12 noon, it was trading at a price of Rs 510, or 0.61 per cent, at ₹ 84,307 per 10 grams. In the last session, it closed at Rs 83,797 and opened at Rs 84,060 today. Talking about silver march futures, it has also gained momentum. Silver is trading at ₹ 96,015 per kg with a gain of Rs 306.
Due to global uncertainty, people are investing in safe things like gold and silver. Gold prices have increased by ₹ 1,800 per 10 grams this week. Silver prices have also increased by ₹ 1,400 per kg in the same period. On Tuesday, gold and silver in domestic and international markets closed up rapidly. Trump’s trade war causes uncertainty in global trade. Due to this, the prices of gold and silver are seeing a rise. The US has postponed the plan to impose tariffs on Canada and Mexico for a month for a month. This has led to a decline in the dollar index.
Where will the price go
Manoj Kumar Jain of Prithvi Finmart Commodity Research said that the US imposed tariffs on China and the Chinese government immediately retaliated on American tariffs. The US economic figures released on Tuesday were also disappointing. This also supported the rise in gold and silver prices. It is expected that gold and silver prices will continue to fluctuate this week amid dollar index fluctuations and American trade war.
Jain said that gold support level on MCX is ₹ 83,440-83,100 and the resistance level is ₹ 84,050-84,400. The support level of silver is ₹ 95,000-94,400 and the resistance level is ₹ 96,300-97,000. Jain has suggested to buy silver around ₹ 95,100 with a stop loss of ₹ 94,400, whose target price is ₹ 96,600.
Bullion market
Earlier, gold prices continued to rise in the fifth consecutive session in Delhi’s bullion market on Tuesday amidst strong demand from jewelery vendors and retailers. It rose by Rs 500 to a new high of Rs 85,800 per 10 grams. In the last session, gold with 99.9 percent purity closed at Rs 85,300 per 10 grams. This year, gold has increased by Rs 6,410 or 8.07 percent to Rs 85,800 per 10 grams as against Rs 79,390 per 10 grams of January. However, silver prices broke down by five days and it was reduced to Rs 95,500 per kg due to loss of Rs 500.
Gold consumption estimated to be 700 tonnes to 800 tonnes in 2025
Meanwhile, the World Gold Council says that the Gold Consumption is estimated to be 700 tonnes to 800 tonnes in 2025. In 2024, the global gold demand may increase by 1% to 4,974.5 tonnes on an annual basis. The average gold price in 2024 has increased by 23% on an annual basis.
What is expert’s opinion on gold
Sachin Jain of the World Gold Council says that the import of gold in the country has been as expected. The gray market is almost over after the duty decreased. There is a demand for 4974 tonnes of gold in the world. The demand for gold in the world has increased by 9 percent.
He said that the demand for gold jewelery in the world has fallen by 12-13 percent. The demand for gold jewelery has fallen the most from China. Central banks from many countries have also purchased gold. RBI’s gold purchases have been 4 per cent higher than last year. The use of gold in technology is also increasing rapidly.
Sachin Jain further said that gold benefited from decreasing duty in the country. Gold purchases stop rapidly in prices. The demand for gold investment in gold from the country has also increased by 29 percent. Demand has also increased in gold bar, coins and ETFs. He said that it would be advisable to invest in Gold by keeping a long -term attitude.
