Gold Prices Surge, Trades Above Rs 51,100; Silver Declines

Gold futures rose on Thursday while silver dropped on low demand.

Gold Prices Surge, Trades Above Rs 51,100; Silver Declines

Domestic spot gold with a purity of 24 carats opened at Rs 51,435 per 10 grams.

Gold Price In India: Gold futures rose on Thursday while silver dropped on low demand. On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen 0.33 per cent up at Rs 51,120, compared to the previous close of Rs 50,953. Silver futures, due for a May 5 delivery, were last seen 0.75 per cent lower at Rs 66,900 against the previous close of Rs 67,406.

Domestic spot gold with a purity of 24 carats opened at Rs 51,435 per 10 grams today, and silver at Rs 66,581 per kilogram - both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

Foreign Exchange Rates:

Globally, gold prices fell in range-bound trade today. Spot gold was down 0.6 per cent at $1,921.55 per ounce. U.S. gold futures fell 0.7 per cent to $1,925.00.

Analyst View: 

Ravi Singh, Vice-President and Head of Research, ShareIndia: "Gold may trade in a range-bound zone between Rs 51,500 - Rs 50,700 this week as the Ukraine-Russia peace talks are pointing towards progress, though a weaker dollar and a drop in yields limited losses."

He suggested, "Buy Zone above - Rs 51,200 for the target of Rs 51,500. Sell Zone below - Rs 50,700 for the target of Rs 50,400."

Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Market are very volatile nowadays due to the Russia-Ukraine crisis. As per the technical chart, gold and silver are showing weakness. Momentum indicator RSI also cited the same in hourly as well as the daily chart. So traders are advised to create fresh sell positions near given resistance levels. They should focus important technical levels given for the day: June Gold closing price Rs 51,776, Support 1 - Rs 51,500, Support 2 - Rs 51,200,  Resistance 1 - Rs 51,900, Resistance 2 - Rs 52,100. May Silver closing price Rs 67,406, Support 1 - Rs 67,000, Support 2 - Rs 66,400, Resistance 1 - Rs 67,500, Resistance 2 - Rs 68,000."

Meanwhile, gold futures, due for a June 3 delivery, fell 0.29 per cent to Rs 51,627.

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