Gold Price Today: Gold, Silver Rates Surge; Yellow Metal Trades Above Rs 51,100

Gold Price In India: Gold and silver futures rose on Wednesday, taking cues from the international spot rates. On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen 0.61 per cent up at Rs 51,122, compared to the previous close of Rs 50,813. Silver futures, due for a May 5 delivery, were last seen 0.66 per cent higher at Rs 67,389 against the previous close of Rs 66,947.

Domestic spot gold with a purity of 24 carats opened at Rs 51,422 per 10 grams today, and silver at Rs 67,063 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 moved higher, supported by a dip in the U.S. dollar and Treasury yields. Spot gold was up 0.3 per cent at $1,925.75 per ounce. U.S. gold futures rose 0.6 per cent to $1,930.10. Although, signs of progress in Russia-Ukraine peace talks dented the yellow metal's appeal as a safe haven and kept gains in check.

Analyst View:

Ravi Singh, Vice-President and Head of Research, ShareIndia: "Gold prices continue to be in correction mode this week also on the hope of peace talks between Russia and Ukraine. However, the new lockdown imposed in China on a possible outbreak of new variant may keep gold volatile."

He suggested, "Buy Zone above - Rs 50,900 for the target of Rs 51,200. Sell Zone below - Rs 50,600 for the target of Rs 50,300."

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 now 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: April Gold closing price Rs 50,813, Support 1 - Rs 50,500, Support 2 - Rs 50,200,  Resistance 1 - Rs 51,100, Resistance 2 - Rs 51,400. May Silver closing price Rs 66,947, Support 1 - Rs 66,200, Support 2 - Rs 65,400, Resistance 1 - Rs 67,700, Resistance 2 - Rs 68,500."