Gold rate today: Gold price in India hit a record high on Wednesday tracking a sharp rally in international gold prices, led by safe-haven demand, while silver prices also jumped over a percent.

MCX gold rate was trading 0.65% higher at ₹69,375 per 10 grams, while silver price was 1.24% higher at ₹77,990 per 1 kg.

“Gold price rose to a fresh record high as demand from momentum-following funds offset a strong US dollar and the possibility of higher-for-longer US rates. Safe-haven demand amid escalating geopolitical tensions and Russia – Ukraine conflict also supported bullion prices,” said Ajay Kedia, Director, Kedia Advisory.

International gold price extended a record run as concerns of rising inflation boosted demand for gold as a hedge. Spot gold gained 0.3% to $2,286.24 per ounce, and hit a record high of $2,288.09 earlier in the session. US gold futures rose 1.1% to $2,306.60.

“Gold and silver gained strength amid escalating tensions in the Middle East and profit-taking in the dollar index. Israel’s air strike on an Iranian embassy in Syria fuelled tensions in the already raging conflict in the Middle East which supported safe-haven demand for precious metals. Early Fed rate cut hopes are also fueling gold and silver in the international markets,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.

Gold and silver prices are expected to remain volatile ahead of the US Federal Reserve Chairman Jerome Powell’s speech.

Meanwhile, silver price rallied due to monetary policy outlook assessments in major economies and the white metal’s industrial use was supported by positive factory activity figures from China.

According to Kedia, gold price technically seems to be in overbought territory and the outlook remains cautiously positive.

“MCX gold rate may face resistance at ₹69,600 and support is placed at ₹68,450 level. Support for silver is seen at ₹76,800 and resistance at ₹79,200 level,” Kedia said.

Meanwhile, India’s gold imports are set to plunge by more than 90% in March from the previous month to hit their lowest level since the COVID pandemic as record-high prices hit demand. Lower imports could limit a rally in global prices.

Kalantri believes gold has support at $2,262 – $2,244 while resistance is at $2,298 – $2,312. Silver has support at $25.90 – $25.72 while resistance is at $26.42 – $26.60,

“In INR, gold has support at ₹68,880 – 68,640, while resistance is at ₹69,380 – 69,620. Sliver has support at ₹76,440 – 75,880, while resistance is at ₹77,840 – 79,580,” Kalantri said.