Gold Rate Surge, Silver; Yellow Metal Trade Exceeds Rs 51,100

Local spot gold with 24 carat purity opened at a price of Rs 51,422 per 10 grams.

Gold Price in India: Gold and silver futures rose on Wednesday, taking cues from international spot rates. On the Miscellaneous Commodity Exchange (MCX), gold futures, which are expected for delivery on April 5, were last seen up 0.61 per cent at Rs 51,122, compared to the previous close of Rs 50,813. The silver futures, which are expected for delivery on May 5, were last seen 0.66 per cent higher at Rs 67,389 compared to the previous close of Rs 66,947.

Domestic spot gold with 24 carat purity opened at Rs 51,422 per 10 grams today, and silver at Rs 67,063 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 moved higher, supported by declines in the US dollar and Treasury yields. Spot gold rose 0.3 percent at $ 1,925.75 per ounce. U.S. gold futures rose 0.6 percent to $ 1,930.10. Although, signs of progress in the Russian-Ukrainian peace talks undermine the appeal of the yellow metal as a safe haven and maintaining controlled profits.

Analyst’s View:

Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold prices continue to be in corrective mode this week also in hopes of peace talks between Russia and Ukraine. However, new sanctions imposed on China on the possibility of a new variant may keep gold volatile.”

He suggested, “Buy the Zone above – Rs 50,900 for the target of Rs 51,200. Sell the Zone below – Rs 50,600 for the target of Rs 50,300.”

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 weakness. The RSI momentum indicator is also quoting the same in hourly as well as daily charts. So traders are advised to create new selling positions near levels certain resistance.They should focus on the important technical levels given for the day: April Gold closing price Rs 50,813, Support 1 – Rs 50,500, Support 2 – Rs 50,200, Resistance 1 – Rs 51,100, Resistance 2 – Rs 51,400 May Silver closing price Rs 66,947, Support 1 – Rs 66,200, Support 2 – Rs 65,400, Resistance 1 – Rs 67,700, Resistance 2 – Rs 68,500. “


Welcome to India's Largest news platform, I assure you that we daily update on Global news which helps you to grow your knowledge.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button