Gold, silver price on April 16, 2024: Yellow metal prices hold firm at Rs 73,000 mark

Gold, silver price on April 16, 2024: Yellow metal prices hold firm at Rs 73,000 mark

Gold prices opened on the MCX on Tuesday at Rs 72,829 per 10 grams and hit an intraday low of Rs 72,762.

In the international market, the prices hovered around $2,386.34 per ounce.

Meanwhile, silver opened at Rs 83,990 per kg and hit an intraday low of Rs 83,883 on the MCX. The price globally hovered around $28.82 per ounce.

Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said, “Gold prices initially traded higher in the early morning session driven by safe-haven buying amid escalating tensions between Iran and Israel. Comex Gold surged to $2360, while MCX Gold saw gains of Rs 250. However, prices later retreated due to profit booking, especially considering the substantial gains of over 4000rs in MCX during April alone. Despite this, the overall trend in gold remains positive, with strong support seen around the Rs 70,000 mark. Minor short-term corrections may occur, but the broader outlook for gold remains bullish.”

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold price traded steady around the $2400 mark in the previous session as market participants awaited clarity on the recent geo-political development between Israel and Iran.”

The ongoing crisis in West Asia continues to boost the safe-haven appeal of gold and silver. Several missile and drone attacks were reported over the weekend from Iran to Israel. No major damages were reported, but it surely increased the distress in the market. Investors were also waiting to see just how Israel would respond to Iran’s strike, given that the attack caused limited damage, and that Tehran also said the move concluded its offensive against Israel.

Modi says, “The US has also taken one foot back in terms of supporting Israel from escalating this Middle East tensions. This has supported an up-move not only in gold but also in the Dollar index, which jumped by more than 100 bps, after positive CPI and Middle East tensions. On the data front, US retail sales were reported better than expectations in yesterday’s session, capping some gains for metal prices. Comments from Governor Powell and several Fed officials are scheduled this week, which could provide further clarity on Fed’s monetary policy path ahead.”

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