Gold Silver Price August 20: In the bullion markets today, gold opened with an increase of ₹261, while silver jumped by ₹1,003. On the Multi Commodity Exchange (MCX), the price of gold was about ₹3,000 short of its all-time high of ₹74,732 per 10 grams.
Today, there is a significant change in the prices of gold and silver in the bullion market. Gold opened with a rise of ₹261, and silver surged by ₹1,003. Meanwhile, ahead of the release of the minutes from the U.S. Federal Reserve’s policy meeting and talks about interest rate cuts, the price of gold on MCX opened flat today.
Why Are Gold Prices Rising?
Kayanat Chenwala, AVP-Commodity Research at Kotak Securities, said, “COMEX gold prices started the week with modest gains, reaching a record high of $2,549.90 before closing at $2,541.00. Additionally, China’s central bank announced a new gold import quota, fueling speculation about increased purchases. Geopolitical concerns, particularly in the Middle East and a potential ceasefire between Israel and Hamas, may keep investors on edge.”
Anuj Gupta, Head of Commodity and Currency at HDFC Securities, said, “Gold prices have retreated from record highs in the international market, and this flat movement on MCX should be viewed in this context. He added that discussions of a rate cut by the U.S. Federal Reserve have put pressure on U.S. dollar rates and treasury yields, prompting investors to shift money from these assets to gold, equities, mutual funds, and other assets.”
Should You Buy Gold Now or Wait?
Advising gold investors to adopt a buy-on-dips strategy, Anuj Gupta from HDFC Securities said, “MCX gold rate has immediate support at ₹71,000 today, with key support now placed at ₹70,500 per 10 grams. Spot gold price has immediate support at $2,480, with key support for the yellow metal at $2,450 per ounce. The immediate target for MCX gold rate today is ₹72,000 and ₹72,800 per ounce, while in the international market, spot gold prices could reach $2,530 and $2,560 per ounce in the near term.” (Disclaimer: The recommendations, suggestions, views, and opinions expressed by experts are their own and not those of 360taazanews. Here, only the performance of the shares is provided for information.)
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