Gold Moves Higher; Silver Trades Above Rs 68,300

Local spot gold with 24 carat purity opened at Rs 51,777 per 10 grams.

Gold Price in India: Gold and silver futures traded higher on Thursday, March 24, amid a volatile session. On the Multi -Commodity Exchange (MCX), gold futures, which are expected for delivery on April 5, were last seen 0.17 per cent up at Rs 51,854, compared to the previous close at Rs 51,767. The silver futures, which are expected for delivery on May 5, were last seen 0.10 per cent higher at Rs 68,335 compared to the previous close of Rs 68,284.

Domestic spot gold with 24 carat purity opened at Rs 51,777 per 10 grams today, and silver at Rs 67,770 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai -based industry body Indian Bullion and Jewelers Association (IBJA).

Foreign exchange rate:

Globally, gold prices are in a tied trading range today, as markets are wary of the Russia-Ukraine conflict and ahead of U.S. inflation data that could offer new clues about the policy stance of the U.S. Federal Reserve. Spot gold was down 0.2 percent at $ 1,939.93 per ounce. U.S. gold futures rose 0.2 percent to $ 1,941.10.

Analyst’s View:

Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold prices are expected to outperform even after the current war tensions eased due to the after -war effects – higher commodity prices and soaring inflation. The world will see a kind of recession zone where gold will be the asset of choice above all else.”

He suggested, “Buy the Zone near – Rs 51,600 for the target of Rs 51,900. Sell the Zone below – Rs 51,500 for the target of Rs 51,300.”

Amit Khare, AVP – Commodity Research, Ganganagar Commodities Ltd: “The market is very volatile nowadays due to the Russia-Ukraine crisis. According to technical charts, gold and silver are now showing little strength and are ready for a retreat rally. The RSI momentum indicator is also quoting the same in hourly as well as daily charts. So traders are advised to create new long positions near a given support level.They should focus on the important technical levels given below for the day: April Gold closing price Rs 51,767, Support 1 – Rs 51,600, Support 2 – Rs 51,400, Resistance 1 – Rs 52,100, Resistance 2 – Rs 52,600. May Silver closing price Rs 68,264, Support 1 – Rs 68,000, Support 2 – Rs 67,600, Resistance 1 – Rs 68,500, Resistance 2 – Rs 69,000. “


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