Gold rate today, 15th April 2024: Despite the rally in the US dollar index, gold prices continue to trade with positive bias during early morning deals on Monday. On the Multi Commodity Exchange or MCX, gold rates today opened higher at ₹72,214 per 10 gm and went on to touch an intraday high of ₹72,362 per 10 gm within a few minutes of the commodity market’s opening bell. In the international market, spot gold price is trading around $2,360 per troy ounce, which is around 0.70 percent higher from its Friday close.

Iran-Israel war in focusSpeaking on the reason for the rise in the gold prices, Royce Vargheese Joseph, Bullion & Energy Research at Kotak Securities said, “Gold prices are largely driven by escalating tensions between Iran and Israel amidst the ongoing Middle East crisis. This geopolitical uncertainty has fueled a rush into safe-haven assets, propelling gold prices up by 1.60 percent. Despite this sharp increase, the overall trend in gold remains bullish, with strong support seen at ₹70,000 per 10 gm mark.”

“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.

After Israel’s counterattack on Iran, the geopolitical tension in the Middle East has further escalated. Iran fired more than 300 drones and missiles at Israel, which Tehran said was in response to the April 1 strike on its consulate in Syria. Almost all Iranian drones and missiles were shot down by Israeli, US, and allied forces before they reached their targets.

To stop further escalation of the Middle East crisis, US Secretary of State Antony Blinken on Sunday reached out over the phone to the foreign ministers of Jordan, Saudi Arabia, Turkey, and Egypt, while Defense Secretary Lloyd Austin had calls with his Saudi and Israeli counterparts, amid signs of an escalating crisis in the Middle East following Iran’s strikes on Israel.

Gold rate today: Important levelsOn important levels regarding gold price today, Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher said, “The precious metal has been skyrocketing in the last one and a half month from ₹62,200 zone to touch ₹72,800 per 10 gm levels, gaining almost 17% in a very short period. Currently, with the geo-political tensions looming around, the yellow metal is anticipated to gain further in the coming days with near-term targets of ₹73,700 and ₹75,200 levels. The near-term support would be maintained near the ₹70,200 zone as of now.”

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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