International Due to the rise in the price of gold and silver in the market, the price of gold in the Indian market has reached the highest level of 2 years. Today, gold futures on MCX rose 0.6% to Rs 55,546 per 10 grams, while silver rose 1.4% to Rs 70,573 per kg. Let us tell you that in August 2020, gold had made an all-time high of Rs 56,200 per 10 grams. Gold is trading at a record high of 2 years on MCX. Commodity experts say that gold and silver will rise further and soon gold may break its previous high record.
Gold will be 57 thousand, silver will cross 72 thousand
Anuj Gupta, Vice President, Research, IIFL Securities, told India TV that gold and silver have once again returned to a rally on fears of a global recession. Today gold has broken the record of two years. The price of gold can reach up to 57 thousand per 10 grams in the budget or after that. At the same time, the price of silver can go up to 72 thousand per kg.
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Precious metals in positive momentum since the beginning of the year
Commodity experts say that gold and silver have shown positive momentum since the beginning of 2023. Recently gold has crossed the 200 day moving average (SMA). Gold will face support near $1814-1801 and resistance near $1838-1850. Silver has taken support at $23.72-23.55, while resistance is at $24.22-24.40. In rupee terms, gold has support at Rs 54,950-53,750, while resistance is at Rs 55,480, Rs 54,650. Silver has support at Rs 69,050-68,580, while resistance lies at Rs 70,420-70,780. If this level breaks, then further gains can be seen in gold and silver.
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