Gold Price In India: Gold and silver futures dropped on Monday, March 14, taking cues from the international rates. On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen 0.5 per cent down at Rs 52,611, compared to the previous close of Rs 52,878. Silver futures, due for a May 5 delivery, were last seen 0.78 per cent lower at Rs 69,822 against the previous close of Rs 70,370.
Domestic spot gold with a purity of 24 carats opened at Rs 52,152 per 10 grams on Monday, and silver at Rs 69,203 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 14/03/2022#IBJA pic.twitter.com/UKnh8ELLbP
Further, gold imports rose 73 per cent to $45.1 billion during the April-February period of the current financial year owing to higher demand, data released by the Commerce Ministry showed.
Foreign Exchange Rates:
Globally, gold lost some of its safe-haven charm, easing 0.5 per cent to $1,975 an ounce and away for last week's peak at $2,069.
Analyst View:
Ravi Singh, Vice-President and Head of Research, ShareIndia: "The war between Russia and Ukraine is impacting commodities prices worldwide. The sanctions against Russia has added fuel to the concerns and hit the gold prices. Fears of stagflation also started to creep in, due to high commodity prices impacting inflation and slowing growth."
He suggested, "Buy Zone near - Rs 52,700 for the target of Rs 53,000. Sell Zone below - Rs 52,500 for the target of Rs 52,300."
Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Market are very volatile nowadays due to Russia Ukraine-crisis. So small traders should avoid trade for some more days. As per the technical chart, gold and silver charts are showing some profit-booking and trading at the overbought zone and making a top. Profit-booking may continue in bullions at the higher side. Momentum indicator RSI also cited the same in hourly as well as the daily chart. So only risky traders are advised to create fresh short positions near given resistance levels. They should focus important technical levels given for the day: April Gold closing price Rs 52,878, Support 1 - Rs 52,600, Support 2 - Rs 52,300, Resistance 1 - Rs 53,150, Resistance 2 - Rs 53,560. May Silver closing price Rs 70,370, Support 1 - Rs 69,400, Support 2 - Rs 68,700, Resistance 1 - Rs 70,750, Resistance 2 - Rs 71,200."
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