Gold, Silver Prices Fall; Yellow Metal Trades Below Rs 51,450
Gold Price In India: Gold and silver futures declined on Friday, taking cues from the international spot rates. On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen 0.28 per cent down at Rs 51,443, compared to the previous close of Rs 51,585. Silver futures, due for a May 5 delivery, were last seen 0.55 per cent lower at Rs 67,117 against the previous close of Rs 67,487.
Domestic spot gold with a purity of 24 carats opened at Rs 51,822 per 10 grams today, and silver at Rs 67,173 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 01/04/2022#IBJA pic.twitter.com/l0w7Pzskgw
April 1, 2022Foreign Exchange Rates:
Globally, gold prices fell today as a stronger U.S. dollar negated safe-haven demand triggered by a lack of progress in Russia-Ukraine peace talks. Spot gold was down 0.4 per cent at $1,930.16 per ounce. U.S. gold futures fell 0.9 per cent to $1,936.20.
Analyst View:Â
Ravi Singh, Vice President and Head of Research, ShareIndia: "According to Ukrainian President Volodymyr Zelenskyy, its forces are preparing for new Russian attacks in the east of the country as Moscow builds up its troops there after suffering setbacks near the capital Kyiv. These new developments poised gold to make new highs in the coming weeks.
He suggested, "Buy Zone near - Rs 51,900 for the target of Rs 52,300. Sell Zone below - Rs 51,700 for the target of Rs 51,500."
Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Markets are very volatile nowadays due to the Russia-Ukraine crisis. As per the technical chart, gold and silver are showing weakness. Momentum indicator RSI also cited the same in hourly as well as the 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 52,166, Support 1 - Rs 51,700, Support 2 - Rs 51,250, Â Resistance 1 - Rs 52,200, Resistance 2 - Rs 52,600. May Silver closing price Rs 67,487, Support 1 - Rs 67,000, Support 2 - Rs 66,600, Resistance 1 - Rs 67,800, Resistance 2 - Rs 68,300."
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