Gold rate today: Despite the US dollar hitting a 34-year high versus the yen, the Israel-Iran conflict is still driving up gold prices
current gold rate as of April 15, 2024: Gold prices are still moving favourably during Monday’s early morning session, despite the US dollar index’s recent surge. Gold prices on the Multi Commodity Exchange, or MCX, started the day higher at ₹72,214 per 10 gm. A few minutes after the commodities market began, they reached an intraday high of ₹72,362 per 10 gm. The spot price of gold is now trading at $2,360 per troy ounce on the international market, up around 0.70 percent from its closing on Friday.
Israel-Iran War in Focus
Jateen Trivedi, VP Research Analyst, Commodities and Currency at LKP Securities, said in an interview why gold prices were rising: “Gold prices are largely driven by escalating tensions between Iran and Israel amidst the ongoing Middle East crisis.” Gold prices have increased by 1.60 percent as a result of the rush into safe-haven assets caused by this geopolitical unpredictability. The general trend of gold is still optimistic despite this significant gain, with firm support located at the ₹70,000 per 10 gm level.”
“Prices of gold and silver are increasing in spite of the ongoing increase in the US dollar index. The US dollar index reached 106 and the US dollar rate versus the Japanese yen reached a 34-year high, but demand for safe havens has increased due to the growing tensions in the Middle East, according to Anuj Gupta, Head of Commodity & Currency at HDFC Securities.
The Middle East’s geopolitical tension has increased even more in the wake of Israel’s strike against Iran. Iran claimed that the over 300 drone and missile strikes on Israel on April 1 were retaliation for the attack on its embassy in Syria. Israeli, US, and coalition troops knocked down almost all Iranian drones and missiles before they could reach their objectives.
In response to signs of a growing crisis in the Middle East following Iran’s strikes on Israel, US Secretary of State Antony Blinken called the foreign ministers of Jordan, Saudi Arabia, Turkey, and Egypt on Sunday in an attempt to stop the situation from getting worse. Meanwhile, Defence Secretary Lloyd Austin also spoke with his counterparts in Saudi Arabia and Israel.
Important levels of the gold rate today
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, commented on significant levels pertaining to the price of gold today: “The precious metal has been skyrocketing in the last one and a half months from ₹62,200 zone to touch ₹72,800 per 10 gm levels, gaining almost 17% in a very short period.” Given the current geopolitical unrest, it is expected that the yellow metal would rise further in the next few days, with short-term objectives of ₹73,700 and ₹75,200 levels. As things stand, the short-term support will remain close to the ₹70,200 zone.”
