Gold prices today rise again, jumping ₹5,000 in less than 2 months: Check today rate

New Delhi: Gold and silver prices today edged higher in Indian markets, following the uptick in global rates. On MCX, gold futures were up 0.4% to ₹49,049 per 10 gram while silver rose 0.7% to ₹72622 per kg.

On the other hand, weighing on price are concerns about India’s consumer demand as virus related restrictions impacts domestic activity, says Kotak Securities. In March, gold prices in India had hit a near year low of about ₹44,000 per 10 gram. Despite the recent recovery in prices, gold rates are still down significantly from last year’s high of ₹56,200.

In international markets, gold edged past key $1900 levels, supported by a weak dollar, making gold cheaper for other currency holders. “While gold prices stay above $1890 there are chances to continue the recovery upticks for the day. Anyhow, immediate intraday resistance is placed at $1925. A direct drop below $1845 would weaken the sentiment, but major downside reversal point is seen at $1810,” domestic brokerage Geojit said in a note.

MCX Gold has resistance at ₹49,400 and support at ₹47,900, the brokerage added. Gold traders will be watching US initial jobless claims, GDP, durable goods, pending home sales data to be released later this week. Asian equity markets were mostly higher today while Bitcoin climbed toward $40,000 in a partial recovery from last week’s crypto rout.