Gold prices on the Multi Commodity Exchange (MCX) saw mixed movements today, with gold futures for April delivery rising by 0.31% to 65,383.00, while silver for May delivery fell by 0.30% to 73,917.00. The price of 22-carat gold increased by Rs 40 to Rs 6,010 per gram, while 24-carat gold, also known as 999 gold, is trading at Rs 6,556 per gram.
In major cities like Delhi, Bengaluru, and Chennai, 24-carat gold is currently selling at Rs 65,290, Rs 65,140, and Rs 65,900 respectively. Physical gold has historically been considered a hedge against inflation, but in recent years, Sovereign Gold Bonds (SGBs) have become increasingly popular.
The recent rally in commodity prices, driven by a weaker dollar, saw gold prices reach a record high of $2,156.49 on Thursday. The expectation of US monetary easing and comments from Fed Chair Jerome Powell hinting at a potential rate cut have further fueled the momentum for gold. Analysts like Saish Sandeep Sawant Dessai from Angel One predict that gold could continue to climb higher in the short term.
On the other hand, silver futures for May delivery are trading lower at Rs 73,917 per kg. Overall, the current market conditions and global economic factors are contributing to the fluctuations in precious metal prices.
