Gold, Silver Rates Decline On Weak Global Cues
Gold and silver futures fell on Wednesday, in line with the international spot rates. On the Multi Commodity Exchange (MCX), gold futures, due for a June 3 delivery, were last seen 0.61 per cent down at Rs 52,429, compared to the previous close of Rs 52,749. Silver futures, due for a May 5 delivery, were last seen 0.87 per cent lower at Rs 68,171 against the previous close of Rs 68,770.
Domestic spot gold with a purity of 24 carats opened at Rs 52,552 per 10 grams today, and silver at Rs 68,282 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 20/04/2022#IBJA pic.twitter.com/ajXUm1VZxX
April 20, 2022Foreign Exchange Rates:
Gold prices fell today as a higher U.S. dollar and Treasury yields continued to weigh on demand for bullion. Spot gold was down 0.33 per cent at $1,943.41 per ounce. U.S. gold futures fell 0.52 per cent to $1,945.50.
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 prices may see some profit-booking this week on hope of de-escalation of tensions between Russia and Ukraine. The rising U.S. treasury yields and stronger dollar is supporting the downside move in the gold."
He suggested, "Buy Zone above - Rs 52,200 for the target of Rs 52,700. Sell Zone below - Rs 52,100 for the target Rs 51,800."
Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "As per the technical chart, gold and silver are showing weakness. Momentum indicator RSI also cited the same in hourly as well as 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 52,749, Support 1 - Rs 52,300, Support 2 - Rs 52,000, Resistance 1 - Rs 52,800, Resistance 2 - Rs 53,000. May Silver closing price Rs 68,770, Support 1 - Rs 68,200, Support 2 - Rs 67,700, Resistance 1 - Rs 69,000, Resistance 2 - Rs 69,900."
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