Gold Price in India: Gold and silver futures declined on Friday, taking cues from international spot rates. On the Multi -Commodity Exchange (MCX), gold futures, which are expected for delivery on April 5, were last seen down 0.28 per cent at Rs 51,443, compared to the previous close at Rs 51,585. The silver futures, which are expected for delivery on May 5, were last seen 0.55 per cent lower at Rs 67,117 compared to the previous close at Rs 67,487.
Domestic spot gold with 24 carat purity opened at Rs 51,822 per 10 grams today, and silver at Rs 67,173 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai -based industry body India Bullion and Jewelers Association (IBJA).
– IBJA (@IBJA1919) 1 April 2022
Foreign exchange rate:
Globally, gold prices fell today as a stronger U.S. dollar denied demand for a safe haven triggered by a lack of progress in Russia-Ukraine peace talks. Spot gold was down 0.4 percent at $ 1,930.16 per ounce. U.S. gold futures fell 0.9 percent to $ 1,936.20.
Ravi Singh, Vice President and Head of Research, ShareIndia: “According to Ukrainian President Volodymyr Zelenskyy, his army is preparing for a new Russian offensive in the east of the country as Moscow builds its army there after experiencing a setback near the capital Kyiv. These new developments prepare gold to set new highs in the coming weeks.
He suggested, “Buy the Zone near – Rs 51,900 for the target of Rs 52,300. Sell the Zone below – Rs 51,700 for the target of Rs 51,500.”
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 show weakness. The RSI momentum indicator also quotes the same in hourly as well as daily charts. So traders are advised to create fresh sell positions near levels certain resistance.They should focus on the important technical levels given for the day: June Gold closing price Rs 52,166, Support 1 – Rs 51,700, Support 2 – Rs 51,250, Resistance 1 – Rs 52,200, Resistance 2 – Rs 52,600 May silver closing price Rs 67,487, Support 1 – Rs 67,000, Support 2 – Rs 66,600, Resistance 1 – Rs 67,800, Resistance 2 – Rs 68,300. “