New Delhi: Indian bullion prices remained bullish this week, hitting all-time highs amid uncertainty looming due to shutdown in the United States, tariff concerns and tight global geopolitical conditions.
The price of 24-carat gold (10 grams) started the week at Rs 1,15,454 on Monday, rose to hit an all-time high of Rs 1,17,332 on Thursday, according to data published by the India Bullion and Jewellers Association (IBJA).
However, the gold price fell a bit from its all-time high on Friday to end the week at Rs 1,16,954 per 10 grams, but remained Rs 1,500 higher than the Monday price.
Meanwhile, the Silver price reflects the yellow metal’s journey, ending the week at Rs 1,45,610 per kg, up Rs 1,223 from Rs 1,44,387 on Monday.
“Given the strong trending price action in recent sessions, sharp two-way moves cannot be ruled out. Key support is placed at Rs 1,16,500 and $3,840, while resistance is seen at Rs 1,18,500 and $3,900,” said Jateen Trivedi of LKP Securities.
Overall, gold remains in a bullish structure, but volatility is likely to stay elevated around the data release, Trivedi said further.
In the domestic futures market as well, the precious metal’s prices have seen an uptick.
On the Multi-Commodity Exchange (MCX), the gold contract expiring on December 5 ended the week at Rs 1,18,100 per 10 grams, while the silver future contract, expiring on the same date, closed at Rs 1,45,599 per kg.
Meanwhile, according to analysts, the gold prices continue to receive support from robust central bank purchases and sustained inflows into ETFs due to uncertainty in the global trade order.
The gold and silver have outperformed Indian equities for the fourth consecutive Diwali-to-Diwali cycle, continuing a trend where the yellow metal has outperformed equities in seven of the last eight years.
(IANS)
