Gold, Silver Rates Are Higher In Volatile Trade

Local spot gold with 24 carat purity opened at a price of Rs 51,342 per 10 grams.

Gold Price in India: Gold and silver futures rose higher on Monday, March 21, amid a volatile trading session. On the Miscellaneous Commodity Exchange (MCX), gold futures, which are expected for delivery on April 5, were last seen up 0.08 per cent at Rs 51,489, compared to the previous close of Rs 51,447. The silver futures, which are expected for delivery on May 5, were last seen 0.17 per cent higher at Rs 67,990 compared to the previous close of Rs 67,876.

Domestic spot gold with 24 carat purity opened at Rs 51,342 per 10 grams today, and silver at Rs 67,426 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 rose, raised by demand for safe metals because the Ukrainian crisis showed no signs of easing. While profits are limited by the US Federal Reserve’s plan of aggressive measures to fight inflation. Spot gold rose 0.2 percent to $ 1,924.45 per ounce. US gold futures were down 0.3 percent at $ 1,924.00.

Analyst’s View:

Ravindra Rao, CMT, EPAT, VP – Head of Commodity Research at Kotak Securities: “Gold is tied in range as support from Russia-Ukraine tensions and a setback in US bond yields is offset by stable equities and expectations of US Fed monetary tightening. Gold has corrected sharply from recent highs but has managed to hold above $ 1900 an ounce ( oz).) level. The yellow metal may be trading choppy amid mixed factors. However, geopolitical issues may keep prices supported. “


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