Gold prices jump to record high of Rs 61,490

Gold rate is trading in the green on Thursday, while the silver rate is up 1.18%. On Multi Commodity Exchange, gold June futures were trading at Rs 61,421 per 10 grams, up Rs 465 or 0.75%. Silver May futures were trading higher by Rs 908 at Rs 77,450 per kg on MCX.

Globally, the yellow metal traded near record-high levels on Thursday, as U.S. yields and the dollar dipped after the U.S. Federal Reserve hinted it may pause its rate-hike cycle.

Spot gold was up 0.1% at $2,040.46 per ounce and earlier in the session, prices rose to $2,072.19 per ounce and hovered close to an all-time high of $2,072.49 scaled in 2020. U.S. gold futures rose 0.6% at $2,050.10.

“Gold price edged higher with spot gold at Comex was trading up by 0.10% at $2040 per ounce in the morning trade.

Comex spot gold price surged to an all time high of $2085.40 per ounce post FOMC interest rate decision. The Federal Reserve signaled a pause in policy tightening from the next meeting after hiking the benchmark interest rate by 25 basis point.

Additionally, US Dollar and bond yields dropped after the U.S. Federal Reserve opened the door to a pause in its aggressive tightening cycle, though markets were buffeted by risk aversion amid a rout in regional U.S. bank shares.

“We expect gold price to fluctuate within the upper range with positive bias after hitting an all time high in the previous session. Comex spot gold should trade within the range of $2033 to $2085 per ounce

Comex spot gold having support at $2033/$2019 per ounce and resistance at $2070/$2085 per ounce. MCX Gold June future having supports at Rs 60,700/60,570 per 10 gram and resistances at Rs 61,400/61,750 per 10 grams,” said Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities.

“Gold prices and silver price traded near record-high levels on Thursday, as U.S. yields and dollar dipped after the U.S. Federal Reserve hinted it may pause the rate-hike cycle.