Gold Touches New High, Correction Likely
In the Delhi spot prices rose to Rs 94,200 from Rs 92,500 in the previous session. However, silver prices remained stable at Rs 1,03000.;
Chennai: Ahead of the deadline for the reciprocal tariffs by the US to be effective, gold prices scaled another high of Rs 94,200 per 10 gm on Tuesday in the Delhi Bullion market. However, market watchers anticipate some correction in prices in the near term.
In the Delhi spot prices rose to Rs 94,200 from Rs 92,500 in the previous session. However, silver prices remained stable at Rs 1,03000.
In the Multi Commodity Exchange too saw gold prices rising to an intraday high of Rs 91,065 as the international rates moved up to a fresh high of $3149 per ounce up from Monday high of $3120. In the run up to the reciprocal tariff deadline, gold prices have gained $149 per ounce since the metal hit $3000 in mid-March.
The tariff war, fears of inflation and consequent recession have been supporting safe haven buying in gold.
In the international market, the next resistance for gold is seen at $3,160 and is still a target for the US trading session. Further, the broader upside target currently stands at $3,200.
“Prices have been going up due to the tariff imposition and as the market has already discounted it, we might see some correction in the near term,” said Ajay Kedia, MD, Kedia Commodities.
