Gold and silver prices have been volatile lately amid firming US dollar. (Agencies)AI Quick Read
Gold price today: Gold rate jumped by more than 1% on the MCX in early deals on Wednesday, 22 April, amid positive global cues and a decline in the US dollar and crude oil prices after the US President Donald Trump extended the ceasefire with Iran.
MCX gold June futures rose by more than ₹2,000, or 1.3%, to ₹1,53,699 per 10 grams, while MCX silver May futures jumped by more than ₹4,700, or nearly 2%, to ₹2,49,423 per kg in early trade.
International gold prices also rose, while the US dollar index declined by 0.10% following a fall in crude oil prices after US President Donald Trump announced the extension of the ceasefire with Iran to allow for further peace talks.
Gold prices have been volatile of late following a rise in the US dollar driven by elevated crude oil prices.
As per MCX, domestic spot gold prices have declined more than 4% since the US-Iran war started on February 28.
A sharp upmove in crude oil prices and lingering uncertainty surrounding the US-Iran conflict have increased concerns of an inflation flare-up, dimming the prospects of near-term rate cuts by the US Federal Reserve, keeping gold prices under pressure.
According to Reuters, US Federal Reserve chief nominee Kevin Warsh denied on Tuesday that he had promised the US President to cut interest rates.
Warsh's comments were aimed at assuring US senators that he would act independently of the White House while acting as the Fed Chair.
Jigar Trivedi, Senior Research Analyst at IndusInd Securities, pointed out that gold prices are influenced by Trump extending the ceasefire and the Senate confirmation hearing of Federal Reserve Chair nominee Kevin Warsh, who pledged to act independently.
According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $4,681 and $4,640, while resistance is at $4,770 and $4,818 per troy ounce, and silver has support at $74 and $70.70, while resistance is at $78.80 and $80.40 per troy ounce in today’s session.
On the MCX, Jain said gold has support at ₹1,50,500 and ₹1,48,800 and resistance is at ₹1,52,800 and ₹1,54,200, while silver has support at ₹2,40,000 and ₹2,36,600 and resistance at ₹2,48,000 and ₹2,51,500.
"We suggest holding long positions of gold until it holds the ₹1,48,000 level on a closing basis and book profit around the ₹1,54,000 and ₹1,55,000 range and suggest avoiding taking long positions in silver as it breached the ₹2,45,000 level yesterday," said Jain.
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Nishant is a market reporter at Mint, where he holds the official designation of Principal Correspondent – Markets. He has been closely tracking the Indian stock market as well as major global stock markets along with the broader macroeconomic trends for a decade.
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