Yellow Metal India, April 15: Gold Price Rises Unabated, Should You Buy Or Sell?

Gold prices in India continue to rise and making string of new records with prices declining only on April 13 in last 10 days as geopolitical tensions in the Middle East continues to escalate. Price of 22K gold in India today is Rs 67,050/10 grams after the surge by Rs 550 and 24K yellow metal price in the country today is Rs 73,150/10 grams. The rally in gold prices can be seen from the fact that in last 10 days in India, yellow metal fell only on April 13 when 24 carat yellow metal prices slipped by Rs 760 to Rs 72,550/10 grams and 22 carat gold prices dived by Rs 700 to Rs 66,500/10 grams.

In last 10 days in India, gold prices recorded the biggest jump on April 6 when 24k gold prices zoomed by Rs 1310 to Rs 71,290 and 22k gold prices surged by Rs 1200 to Rs 65,350. If you are planning to buy 100 grams of 22k gold in India, you need to pay Rs 6,70,500 after today's rally by Rs 5500 and you will need to shell out Rs 7,31,500/100 grams for 24k gold in India today after the surge by Rs 6000.

Price of 18K gold in India is Rs 54,860/10 grams after the rally by Rs 450 on Monday

In the global market, spot gold price has been trading at $2,360 per troy ounce, approximately 0.70% higher from its Friday close.
On whether traders should buy or sell gold, Neha Qureshi, Senior Technical and derivative Research Analyst, Anand Rathi Commodities & Currencies suggested selling gold June futures on the surge at Rs 72,000, maintaining stop loss at Rs 72,600 and a target price of Rs 71,300. For silver May futures, the analyst urged selling on the rise at Rs 83,000, keeping stop loss at Rs 84,000 and a target of Rs 81,000.

"Overall Israel's response to the missile and drone assault by Iran could determine whether the next stage is all-out war which could give gold direction in next 1 - 2 sessions. However technical indicators portend a profit-booking move at higher levels since gold was unable to sustain above $ 2400 per ounce levels on Friday with next resistance persisting in the range of $ 2375 - 2382 per ounce in spot," added Qureshi.

"Gold may find it difficult to rise if geopolitical tensions do not escalate further. However, overall, the gold outlook remains constructive in the medium to long term," said Praveen Singh - Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas.

"Gold and silver prices are rising despite the continuous rally in the US dollar index. The US dollar index touched 106 level and the US dollar rate has hit a 34-year high against the Japanese Yen, but the escalating tension in the Middle East has pushed demand for the safe haven," said Anuj Gupta, Head of Commodity & Currency at HDFC Securities.
Recently, Iran fired over 300 drones and missiles at Israel. Tehran claimed the counter attack was in response to the April 1 strike on its consulate in Syria. However, nearly all the Iranian drones and missiles were reportedly shot down by Israel, US, and allied forces before they reached their targets.

Gold prices In 4 metropolitan cities of India on April 15, 2024:

Gold Price Chennai: Price of 10 grams of 22 carat of gold price Chennai today is Rs 67,900 and cost of 10 grams of 24 carat gold is Rs 74,070.

Yellow Metal Price Mumbai: Price of 10 grams of 22 carat gold in Mumbai on April 15 is Rs 67,050 and cost of 10 grams of 24 carat yellow metal is Rs 73,150.

Precious Metal Price Delhi: Price of 10 grams of 22 carat yellow metal in Delhi on April 13 is Rs 66,640 and cost of 10 grams of 24 carat gold is Rs 72,690.

Gold Price Kolkata: Price of 10 grams of 22 carat of yellow metal in Kolkata on April 13, 2024 is Rs 67,050 and cost of 24 carat of 10 grams gold is Rs 72,690.