Gold Price In India: Gold and silver futures inched higher on Monday, March 21, amid a volatile trading session. On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen 0.08 per cent up at Rs 51,489, compared to the previous close of Rs 51,447. Silver futures, due for a May 5 delivery, were last seen 0.17 per cent higher at Rs 67,990 against the previous close of Rs 67,876.
Domestic spot gold with a purity of 24 carats opened at Rs 51,342 per 10 grams today, and silver at Rs 67,426 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 rose, lifted by demand for the safe-haven metal as the Ukraine crisis showed no signs of abatement. Although the gains were capped by the U.S. Federal Reserve's plan of aggressive measures to combat inflation. Spot gold rose 0.2 per cent to $1,924.45 per ounce. U.S. gold futures were down 0.3 per cent at $1,924.00.
Analyst View:
Ravindra Rao, CMT, EPAT, VP - Head Commodity Research at Kotak Securities: "Gold is range-bound as support from Russia-Ukraine tensions and retreat in U.S. bond yields is countered by stable equities and US Fed's monetary tightening expectations. Gold has corrected sharply from recent highs but has managed to hold above the $1900 per ounce (oz) level. The yellow metal may trade choppy amid mixed factors. However, geopolitical issues may keep prices supported."
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