Gold rate right now: Gold prices surge to record high of Rs 1.01 lakh per 10 grams; what’s the outlook for yellow steel?

Gold rate right now: Gold prices reached a historic peak of Rs 1,01,078 per 10 grams on the MCX (August futures), following its closure above Rs 1 lakh on Friday for the first time, supported by world fairness pressures and rising crude oil prices.Silver July futures maintained stability close to latest peak ranges, commencing buying and selling at Rs 1,06,464 per kg right now.The earlier buying and selling day noticed optimistic closures for each valuable metals in home and worldwide markets. The gold August futures settled at Rs 1,00,276 per 10 grams, displaying a 1.91% improve, while silver July futures concluded at Rs 1,06,493 per kilogram, registering a 0.57% acquire.The earlier week’s surge in gold and silver prices was attributed to traders searching for safe-haven property amidst the Israel-Iran battle and a weakening greenback index. The decline in world fairness markets and the upward motion in crude oil prices supplied extra assist to valuable steel valuations.Safe-haven demand arising from geopolitical tensions is influencing the motion of gold and silver prices, in accordance to Manoj Kumar Jain from Prithvifinmart Commodity Research. He informed ET that gold prices exceeded $3,450 per troy ounce and may attain its earlier record high in worldwide markets, with silver probably to comply with swimsuit in forthcoming buying and selling periods.“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index and geopolitical tensions, and gold prices could hold their key support level of $3,284 per troy ounce and silver prices could also hold $34.00 per troy ounce levels on a weekly closing basis,” Jain added.Rahul Kalantri, VP Commodities at Mehta Equities was quoted as saying, “With global equities under pressure and crude oil surging, precious metals gained support. Gold may retest its lifetime high soon, and silver is expected to track its movement. A depreciating rupee could further boost domestic bullion prices,” Kalantri mentioned.The US Dollar Index, DXY, was noticed buying and selling close to 98.28, displaying a rise of 0.10 or 0.10%.

Trading Strategy for Gold and Silver

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• According to Manoj Kumar Jain’s evaluation, gold buying and selling ranges present assist at Rs 99,650-99,100 with resistance positioned at Rs 1,01,100-1,01,800. For silver, assist ranges are at Rs 1,05,800-1,05,000, while resistance stands at Rs 1,07,200-1,08,000.
• Given the ongoing Israel-Iran battle, Jain recommends avoiding brief positions in each metals. For gold investments, think about shopping for between Rs 99,600-99,100, with profit-taking alternatives at Rs 1,01,100-1,01,800.
• For silver transactions, the really useful buy vary lies between Rs 1,05,000-1,04,000, with profit-booking targets at Rs 1,07,200-1,08,000.
• Trading members are suggested to train warning and cling to these specified ranges.
• Additionally, Rahul Kalantri identifies gold assist at Rs 99,620-99,390 and resistance at Rs 1,00,650-1,00,940. For silver, he locations assist at Rs 1,05,550-1,04,750 and resistance at Rs 1,06,300-1,06,950.