Gold Rates Decline; Silver Trades Below Rs 69,350

Local spot gold with 24 carat purity opens at Rs 51,992 per 10 grams.

Gold Price in India: Gold and silver futures traded lower on Friday, March 25, in a volatile session. On the Miscellaneous Commodity Exchange (MCX), gold futures, expected for delivery on April 5, were last seen down 0.31 per cent at Rs 51,918, compared to the previous close at Rs 52078. Silver futures, expected for delivery on May 5, were the last time seen 0.15 per cent lower at Rs 69,219 compared to the previous close of Rs 69,320.

Domestic spot gold with 24 carat purity opened at Rs 51,992 per 10 grams today, and silver at Rs 68,864 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai -based industry body India Bullion and Jewelers Association (IBJA).

Foreign exchange rate:

Globally, gold prices are set for a third weekly rise in four, as no material progress in Russia-Ukraine peace talks supports safe-haven metals, despite a surge in U.S. yields following concerns of aggressive tightening measures undermining the attractiveness of ingots. Spot gold rose 0.2 percent at $ 1,961.99 per ounce. US gold futures were unchanged at $ 1,963.40.

Analyst’s View:

Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold prices rose higher after the US announced a new round of sanctions on Russia to blunt Russia’s ability to use its international reserves to support the Russian economy and finance its war against Ukraine. It may continue to move towards Rs 52,500 in the next trading session.

He suggested, “Buy the Zone above – Rs 52,100 for the target of Rs 52,500. Sell the Zone below – Rs 51,800 for the target of Rs 51,600.”

Amit Khare, AVP – Commodity Research, Ganganagar Commodities Ltd: “The market is very volatile at the moment due to the Russia-Ukraine crisis. According to technical charts, gold and silver are now showing little strength and are ready for a pullback rally. The RSI momentum indicator also quotes the same in hourly and daily charts. So traders are advised to create new buying positions near a certain support level.They should focus on the important technical levels given for the day: April Gold closing price Rs 52,078, Support 1 – Rs 51,900, Support 2 – Rs 51,700, Resistance 1 – Rs 52,200, Resistance 2 – Rs 52,500. May Silver closing price Rs 69,320, Support 1 – Rs 69,000, Support 2 – Rs 68,400, Resistance 1 – Rs 69,700, Resistance 2 – Rs 70,300. “


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