Gold prices as global rates spoked after a senior Iranian military official was killed in a US airstrike. On MCX, February gold futures surged over 1 per cent or Rs 400 to Rs 39,680 per 10 gram. Over the past two weeks, gold prices in India have surged about Rs 1,700 per 10 gram, tracking a jump in global prices and a depreciation of the rupee against US dollar. Silver prices also rallied today in global markets, continuing their recent gains. Silver futures on MCX gained 0.8 per cent to Rs 47,384 per kg.
“Gold can take support near Rs 39,500 and move upside towards Rs 40,000 and silver can take support near Rs 47,200 and move towards Rs 48,000,” SMC Global Securities.
In global markets, spot gold prices hit a four-month high of $1,538.42 per ounce, up 0.6 per cent amid tensions in the Middle East. Iranian Major-General Qassem Soleimani, head of the elite Quds Force, and top Iraqi militia commander Abu Mahdi al-Muhandis were killed in the airstrike on their convoy at Baghdad airport, media said. Gold is considered to be a safe investment at the time of political and economic uncertainties.
Read EquityPandit’s Nifty Outlook for the Week