Page 6 - Senior Technical News Today

Gold and silver prices paused after reaching lifetime highs as market was influenced by geopolitical tension, Fed rate cut expectations, and policymakers remarks. Physical bullion market prices also played a role in the market movement.

While the main domestic indices concluded with marginal movement, the Bank Nifty edged higher, propelled by robust credit growth in Q4FY24.

India Business News: Gold prices reached a new all-time high on Thursday, influenced by global commodity prices. US Fed Chair Jerome Powell's statement, indicating that recent job numbers and higher-than-expected inflation wouldn't change the central bank's monetary strategy much, boosted investor confidence in gold, sparking increased buying activity.

​Gold hit yet another lifetime high in the opening trade on Thursday taking cues from the international commodity prices. US Fed chair Gerome Powells statement that the recent job numbers and higher-than-expected inflation readings do not significantly alter the central banks monetary strategy, lifted the investor mood for bullion triggering a fresh wave of buying activity.

Gold prices on MCX and silver futures surged, driven by US Federal Reserves rate cut hopes and geopolitical tensions. Analysts project bullish trajectory.

India Business News: Gold prices rose by Rs 440 per 10 grams on Wednesday on the Multi Commodity Exchange (MCX), extending their month-long winning streak. This week, gold has reached a lifetime high of Rs 69,487 in April futures but was trading at Rs 69,369, up 0.64% from the previous closing price by 10:10 AM.

The Nifty Bank recouped losses on Wednesday to close in the green which suggests that bulls are here to stay. The index rose 78 points to close at 47,624 while the Nifty50 fell 18 points to close at 22,434.

For Tuesday, analyst from a domestic brokerage has assigned Buy calls for SAIL, Exide Industries and PNB shares. Check details.

The MCX June gold futures were trading at Rs 68,644 per 10 grams around 9:10 am, rising Rs 313 or 0.46% while May silver futures were trading at Rs 76,076 per kg, higher by Rs 544 or 0.72%.

India Business News: The price of gold has seen remarkable gains in 2024, with the yellow metal becoming costlier by over Rs 5000 per 10 grams so far. But with such a surge, the question arises: Should you buy gold?