Experts say that today gold price takes immediate support at ₹56,800, while it faces resistance at ₹57,750 to ₹57,800 per 10 grams.
Gold price is seeing strong buying today due to increasing uncertainty following the Israel Palestine conflict.
Gold prices for December 2023 expiry contract opened at ₹57,000 per 10 gram today on the Multi Commodity Exchange (MCX) and touched intraday levels of ₹57,400 within minutes of the opening bell of the commodity market.
In the spot market, the price of gold is hovering around the level of $ 1,850 per ounce.
Similarly, silver price opened at ₹68,740 per kg on MCX today and touched a high of ₹68,980 per kg soon after the opening bell today.
The price of silver in the international market is hovering around the level of $ 21.80 an ounce during Monday deals.
Israel Palestine conflict in focus :-
On the reasons for the rise in gold and silver prices today, Anuj Gupta, Head of Commodity and Currency, HDFC Securities, said, “Gold and silver prices are rising today due to uncertainty following geopolitical tensions in the Middle East.
Following the outbreak of the Israel war, gold has attracted investor attention as other assets are expected to feel the heat of the selloff.
In such a scenario, people are expected to shift their money from other assets like equities, mutual funds, bonds, etc. to bullion. So, it is the Israel news that is going to act as the major trigger for the yellow and white metal prices in the near term.”
Other triggers for gold price-
On triggers other than Israel Palestine war, Praveen Singh – Associate VP, Abecedarian Currency & Commodities, Sharekhan by BNP Paribas said, “ This week, investors will concentrate on US PPI( September), FOMC twinkles, CPI( September) and Univ do.
Michigan’s consumer sentiment and affectation prospects. Outside Europe, Germany’s CPI, Industrial Production; Euro- zone Sentix investor confidence And the UK’s yearly GDP will attract attention.
” China’s trade balance and CPI data will further entertain dealers.”
