Gold Prices Edge Higher; Silver Slips Below Rs 66,400
Gold futures on Friday edged higher, while silver rates declined amid subdued demand. On the Multi Commodity Exchange (MCX), gold futures, due for a June 3 delivery, were last seen 0.08 per cent up at Rs 52,457, compared to the previous close of Rs 52,413. Silver futures, due for a May 5 delivery, were last seen 1.1 per cent lower at Rs 66,385 against the previous close of Rs 67,125.
Domestic spot gold with a purity of 24 carats opened at Rs 52,821 per 10 grams today, and silver at Rs 67,184 per kilogram - both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
#Gold and #Silver Opening #Rates for 22/04/2022#IBJA pic.twitter.com/gR4YAWhq31
April 22, 2022Foreign Exchange Rates:
Globally, gold prices fell slightly, pressured by the strength in U.S. Treasury yields and the dollar. Spot gold slipped 0.23 per cent to $1,946.96 per ounce. However, U.S. gold futures were up 0.26 per cent at $1,950.
Bullion is considered a safe store of value during geopolitical and economic crises and also acts as a hedge against inflation. But, a firmer dollar and higher yields make gold more expensive for other currency holders. Simply put, if the dollar strengthens, commodity rates usually decline.
Analyst View:
Ravi Singh, Vice-President and Head of Research, ShareIndia: "Gold may trade in a range-bound zone between Rs 52,000 - Rs 52,700 this week as safe-haven demand stemming from the Ukraine crisis and its potential impact on the global economy. Though a stronger dollar and a rise in yields limited gains."
He suggested, "Buy Zone near - Rs 52,200 for the target of Rs 52,500. Sell Zone below - Rs 52,000 for the target of Rs 51,800."
Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "As per the technical chart, gold and silver are trading at demand zone. Anytime we can see a short-covering rally. 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: Rs June Gold closing price Rs 52,413, Support 1 - Rs 52,300, Support 2 - Rs 52,100, Â Resistance 1 - Rs 52,550, Resistance 2 - Rs 52,700. May Silver closing price Rs 67,125, Support 1 - Rs 66,700, Support 2 - Rs 66,300, Resistance 1 - Rs 67,500, Resistance 2 - Rs 68,000.
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