Gold Rate Today : Gold prices in India on Monday touched their highest level since February, hitting Rs 162,589 per 10 grams on the Multi Commodity Exchange (MCX). The rise in gold prices today reflects rising concerns globally, particularly over a potential Iran-US war, as investors sought refuge in the yellow metal.
As of 10:30 pm, the MCX Gold contract for April 02 was trading up 1.42% at Rs 162,589 per 10 grams.
Spot gold prices in India today (Gold rate today)
According to the India Bullion and Jewellers Association (IBJA):
999 purity (fine gold): Rs 16478 per gram
22-carat gold: Rs 15553 per gram
20-carat gold: Rs 13540 per gram
18-carat gold: Rs 12839 per gram
The rise in gold prices in India mirrors the international market, where spot gold has touched an all-time high of $5278 per ounce. The price of gold is rising due to the weakening US dollar and fears of a US-Iran war. This increase has contributed significantly to this increase, as a weaker dollar makes gold more attractive to foreign investors, which further boosts its global demand.
🌍 Global factors affecting gold prices
Today’s gold prices are being affected by the following:
- Increasing war tensions between the US-Iran
- Increasing war tensions between the Israil-Iran
- Increasing war tensions between the Afghanistan-pakistan
- Increasing demand from exchange-traded funds (ETFs)
“Gold prices continued their positive momentum and briefly crossed $5500 per ounce. Bullion prices are bullish on a combination of trade uncertainty, a weak dollar and festive demand in India,” said Pranav Mere, analyst at JM Financial Services Ltd.
Gold Rate Today in India Hits Record High Amid Global Uncertainty
What to expect next
If we look at the current situation, the price of gold is continuously increasing and will continue to increase, partly due to the Iran war and partly due to the Afghanistan and Pakistan war, and if it was less, then the Israel and Iran war has started, due to which there will be a big jump in the price of gold and silver on Monday, due to which the price of gold and silver will increase in the market.
On the technical front, I added:
Support level: Rs. 155000 and Rs. 152000
Resistance level: Rs. 165000 and Rs. 16800
Meetings are being held to prevent a US-Iran standoff, which could lower gold prices, but Iran is not willing to back down, so the standoff has begun, involving Iran and Israel, and its major economic negotiations could affect gold prices in the US and globally.