Gold rate today: Amidst a decline in global stock markets and a spike in crude oil prices, gold has once again emerged as a favored safe haven for investors. On the Multi Commodity Exchange (MCX), gold for August delivery reached a new high of ₹1,01,078 per 10 grams. This marks the first time it has crossed the ₹1 lakh threshold. Meanwhile, silver for July delivery remained steady at ₹1,06,464 per kilogram, close to its recent peak.

Last week, both gold and silver exhibited impressive performance in domestic and international markets. Gold for August delivery closed at ₹1,00,276 per 10 grams, reflecting a 1.91% increase, while silver for July delivery settled at ₹1,06,493 per kilogram, up by 0.57%. Experts attribute the rising demand for safe investments to the ongoing Israel-Iran conflict, which has bolstered the prices of both metals. Additionally, the weakening dollar index and rising crude oil prices have further enhanced the appeal of these precious metals.

According to Manoj Kumar Jain from Prithvi Finmart Commodity Research, geopolitical tensions are driving gold and silver prices to new heights. Internationally, gold has surpassed the $3,450 per troy ounce mark and may soon test its previous all-time high. Silver is also following suit, with expectations of price increases in upcoming sessions.

Jain noted that fluctuations in the dollar index and geopolitical stress could lead to volatility in gold and silver prices this week. However, support levels are expected to hold at $3,284 per troy ounce for gold and $34.00 per troy ounce for silver.

Experts have provided key recommendations for those trading in gold and silver. Manoj Kumar Jain has suggested ranges for both metals on the MCX.

• Support: ₹99,650 – ₹99,100
• Resistance: ₹1,01,100 – ₹1,01,800

• Support: ₹1,05,800 – ₹1,05,000
• Resistance: ₹1,07,200 – ₹1,08,000

Jain advised avoiding short selling in gold and silver until there is news of a ceasefire in the Israel-Iran conflict. For gold purchases, a range of ₹99,600 to ₹99,100 is recommended, while profit booking can be considered at ₹1,01,100 to ₹1,01,800. For silver, buying is suggested in the range of ₹1,05,000 to ₹1,04,000, with profit booking at ₹1,07,200 to ₹1,08,000.

Gold prices in the physical market are also at elevated levels. Here are the prices for 22-carat and 24-carat gold in various cities:

• 22-carat: ₹57,768 per 8 grams
• 24-carat: ₹61,624 per 8 grams

• 22-carat: ₹56,648 per 8 grams
• 24-carat: ₹60,432 per 8 grams

• 22-carat: ₹56,896 per 8 grams
• 24-carat: ₹60,704 per 8 grams

• 22-carat: ₹56,976 per 8 grams
• 24-carat: ₹60,672 per 8 grams