New Delhi, Oct 4
Indian bullion prices remained bullish this week, hitting all-time highs amid uncertainty looming due to shutdown in the United States, tariff concerns and tight global geopolitical conditions.
The price of 24-carat gold (10 grams) started the week at Rs 1,15,454 on Monday, rose to hit an all-time high of Rs 1,17,332 on Thursday, according to data published by the India Bullion and Jewellers Association (IBJA).
"Given the strong trending price action in recent sessions, sharp two-way moves cannot be ruled out. Key support is placed at Rs 1,16,500 and $3,840, while resistance is seen at Rs 1,18,500 and $3,900," said Jateen Trivedi of LKP Securities.
The gold and silver have outperformed Indian equities for the fourth consecutive Diwali-to-Diwali cycle, continuing a trend where the yellow metal has outperformed equities in seven of the last eight years.