Gold price today: Gold rate jumped over 1% on the MCX on Wednesday (March 4) morning, recouping some of its losses from the previous session amid heightened geopolitical risks stemming from the US-Iran war.
MCX gold April futures jumped 1.13% to ₹₹1,62,930 per 10 grams, while MCX silver futures may rise 1.3% to ₹2,68,700 per kg.
In the previous session, the MCX gold April futures contract settled at ₹1,61,108 per 10 grams, falling 3% and the silver May futures contract settled at ₹2,65,318 per kilogram, crashing nearly 5% amid strong gains in the dollar index and a rebound in the US 10-year bond yields.
The dollar index jumped to a multi-month high of 99.33, and the US 10-year bond yields surpassed the 4.0% level on Wednesday amid concerns that rising energy costs could stoke inflation and force the US Fed to either maintain or even raise rates.
The US-Iran war shows no signs of easing as an exchange of a barrage of missiles continues in West Asia after the killing of Iranian Supreme Leader Ayatollah Ali Khamenei. Israel on Tuesday claimed it launched fresh attacks in Tehran and Beirut. US President Donald Trump on Monday said the war could end in the next four to five weeks, but that he was prepared “to go far longer than that.”
Is it the right time to buy gold?
Experts see the long-term trends for previous metals as healthy, but suggest waiting for stability before initiating fresh longs.
“We suggest avoiding fresh positions in gold and silver in today’s session and waiting for some stability in the markets,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.
Jain said gold has support at $5,055-4,984 while resistance is at $5,220-5,280 per troy ounce, and silver has support at $78.80-74.00, while resistance is at $88.00-92.40 per troy ounce in today’s session.
On the MCX, gold has support at ₹1,59,100-1,57,700 and resistance at ₹1,63,500-1,65,800, while silver has support at ₹2,57,700-2,51,500 and resistance at ₹2,71,000-2,78,800, said Jain.
According to Jigar Trivedi, Senior Research Analyst at IndusInd Securities, MCX gold April futures may appreciate. ₹1,63,000 per 10 grams, while MCX silver May futures may rise to ₹2,70,000 per kg.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
