Gold, Silver Rates Bounce On Global Cues

Household gold with a purity of 24 carats opened at Rs 51,372 per 10 grams.

Gold price in India: Gold and silver futures rose on Thursday, March 17, taking signs of international spot rates. On the Multi Commodity Exchange (MCX), gold futures for the April 5 delivery rose 0.62 per cent for the last time at Rs 51,465 compared to the previous close of Rs 51,147. Silver futures, due to be delivered on May 5, saw a further 1.39 per cent increase of Rs 68,238 from Rs 67,304 compared to the previous close.

Household gold with a purity of 24 carats was opened at Rs 51,372 per 10 grams on Thursday, and silver at Rs 67,665. per kilogram – excluding two GST (goods and services tax) rates, according to the Indian Bullion and Jewelers Association. (IBJA).

External rate:

He bounced back from Safe Haven gold after falling to a two-week low at the start of the session. Spot gold rose 0.5 percent to $ 1,926.57 an ounce, while U.S. gold futures fell 1.02 percent to $ 1,908.90 an ounce.

Analyst’s view:

Ravi Singh, Vice President of India and Head of Research: “US Treasury yields have been higher as the Fed raises interest rates for the first time in 3 years, making gold less attractive to investors. Gold could have some selling pressure this week with immediate support near 50,700 rupees.”

He suggested: “Buy the upper zone – Rs 51,400 for the Rs 51,600 target. Sell the Zone below – Rs 51,000 Rs for the Rs 50,700 target.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “The market is very volatile today due to the Russia-Ukraine crisis. According to the technical chart, gold and silver are showing some profit reserves and are reaching the top. Profit reserves may remain at the top of the bullion. therefore, traders are advised to create fresh short positions next to the resistance levels, which should focus on the important technical levels given below: April closing price of Rs 51,147, Support 1 – Rs 51,000, Support 2 – Rs 50,700, 1st resistance – 51,600 rupees, 2nd resistance – 51,800 rupees May closing silver price 67,304 rupees, 1 support – 67,000 rupees, 2 support – 66,400 rupees, 1st resistance – 20,000, 68 rupees, 2nd resistance.

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