Gold, Silver Prices Climb On Renewed Safe-Haven Demand
Gold Price In India: Gold and silver futures climbed on Wednesday, in line with international spot rates. On the Multi Commodity Exchange (MCX), gold futures, due for a June 3 delivery, were last seen 0.13 per cent up at Rs 52,947, compared to the previous close of Rs 52,878. Silver futures, due for a May 5 delivery, were last seen 0.53 per cent higher at Rs 69,152 against the previous close of Rs 68,790.
Domestic spot gold with a purity of 24 carats opened at Rs 53,039 per 10 grams today, and silver at Rs 69,025 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 edged higher as concerns of an escalation in the Russia-Ukraine conflict increased safe-haven bids for the precious metal. Although, a firmer U.S. dollar capped bullion's gains. Spot gold was up 0.2 per cent at $1,969.61 per ounce. U.S. gold futures were down 0.1 per cent at $1,973.70.
Analyst View:
Ravi Singh, Vice-President and Head of Research, ShareIndia: "Gold prices are rising on weaker equities and geopolitical tensions. However, it's facing headwinds from weakening crude, a firmer dollar and rising real yields."
He suggested, "Buy Zone near - Rs 52,500 for the target of Rs 53,100. Sell Zone below - Rs 52,300 for the target of Rs 52,000."
Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "As per the technical chart, gold and silver are showing some strength. Momentum indicator RSI also cited the same in hourly as well as the daily chart. So traders are advised to create fresh buy positions near given support levels. They should focus important technical levels given for the day: June Gold closing price Rs 52,878, Support 1 - Rs 52,700, Support 2 - Rs 52,500, Resistance 1 - Rs 53,100, Resistance 2 - Rs 53,260. May Silver closing price Rs 68,790, Support 1 - Rs 68,400, Support 2 - Rs 68,000, Resistance 1 - Rs 69,200, Resistance 2 - Rs 69,700."
