Gold Price in India: Gold and silver futures traded lower on Monday, March 28, 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 down 0.47 per cent at Rs 51,630, compared to the previous close at Rs 51,876. The silver futures, which are expected for delivery on May 5, were last seen 0.91 per cent lower at Rs 68,210 compared to the previous close at Rs 68,836.
Foreign exchange rate:
Globally, gold prices fell today as the dollar index rose and U.S. Treasury yields remained strong near multi-month highs, with investors ’focus on potential Russia-Ukraine peace talks this week further dimming the bull’s safe haven appeal. Spot gold was down 0.7 percent at $ 1,943.72 per ounce. US gold futures fell 0.5 percent to $ 1,943.50.
Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold as a safe haven is attractive given soaring inflation and uncertainty in the Russo -Ukrainian war. As long as those two factors continue to dominate the market for sentiment – the scenario for further upside in gold prices remains intact. It is a good opportunity to go far at every drop. “
He suggested, “Buy the Zone above – Rs 52,000 for the target of Rs 52,300. Sell the Zone below – Rs 51,600 for the target of Rs 51,400.”
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 51,876, Support 1 – Rs 51,700, Support 2 – Rs 51,500, Resistance 1 – Rs 52,000, Resistance 2 – Rs 52,200. May Silver closing price Rs 68,836, Support 1 – Rs 68,200, Support 2 – Rs 67,700, Resistance 1 – Rs 69,100, Resistance 2 – Rs 69,500. “