Gold and silver price on 10 April 2024: Yellow metal prices increase by 0.60%, hovering around Rs 71,438; silver hits an all-time high

Gold prices opened on the Multi Commodity Exchange (MCX) on Wednesday at Rs 71,438 per 10 grams and hit an intraday low of Rs 71,416. In the international market, prices hovered around $2357.99 per ounce.

Meanwhile, silver opened at Rs 82,671 per kg and hit an intraday low of Rs 82,671 on the MCX. In the international market, the price hovered around $28.27 per ounce.

Anuj Gupta, Chief of Commodity and Currency at HDFC Securities, said, “Yesterday gold prices again increased by 0.60% and closed at 71340 levels and also made a new high of 71739 levels. Silver prices increased sharply by 0.70% and closed at 82450 levels, it also made a new high of 83038 levels."

Safe-haven demand for the yellow metal remained upbeat in anticipation of more cues on U.S. inflation and interest rates. Safe-haven demand in the Fears of geopolitical tensions in the Middle East, especially after Iran threatened military action against Israel.

Gold in MCX experienced upward movement on Gudi Padwa day, April 9, 2024, with buying observed in Comex Gold too. Jateen Trivedi, VP Research Analyst, LKP Securities, said, "Finding support at 71000, MCX gold surged by Rs 750 to reach 71650. The upcoming US CPI data is anticipated to impact Gold prices significantly. With prices already at elevated levels, the data release could trigger profit booking, potentially leading to a decline towards the 70000 zones. Therefore, maintaining long positions with agile stop-loss strategies aligned with risk management is advisable."

According to the World Gold Council report, "Gold is at an all-time high and is getting attention. However, assets at such levels are challenging for investors who think they may have missed the boat. However, our analysis suggests that gold is currently well supported by fundamentals, and the low participation from US investors in particular augurs well for the rally to continue, in contrast to what we saw in 2011."