Gold Price Today: Gold, Silver Rates Fall; Yellow Metal Trades Below Rs 51,650
Gold Price In India: Gold and silver futures traded lower on Monday, March 28, taking cues from the international spot rates. On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen 0.47 per cent down at Rs 51,630, compared to the previous close of Rs 51,876. Silver futures, due for a May 5 delivery, were last seen 0.91 per cent lower at Rs 68,210 against its previous close of Rs 68,836.
Foreign Exchange Rates:
Globally, gold prices fell today as the dollar index gained and U.S. Treasury yields held firm near multi-month highs, with investor focus on potential Russia-Ukraine peace talks this week further dimming bullion's safe-haven appeal. Spot gold was down 0.7 per cent at $1,943.72 per ounce. U.S. gold futures were down 0.5 per cent at $1,943.50.
Analyst View:
Ravi Singh, Vice-President and Head of Research, ShareIndia: "Gold as a safe-haven are attractive due to soaring inflation and uncertainty in the Russian-Ukraine war. As long as the two factors continue to dominate markets for sentiment - a scenario for a further uptrend in gold price remain intact. It is a good opportunity to go long on every dips."
He suggested, "Buy Zone above - Rs 52,000 for the target of Rs 52,300. Sell Zone below - Rs 51,600 for the target of Rs 51,400."
Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "Market are very volatile nowadays due to the Russia-Ukraine crisis. As per technical chart, gold and silver are now showing some strength and ready for pullback rally. Momentum indicator RSI also cited the same in hourly as well as 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: April Gold closing price Rs 51,876, Support 1 - Rs 51,700, Support 2 - Rs 51,500, Resistance 1 - Rs 52,000, Resistance 2 - Rs 52,200. May Silver closing price Rs 68,836, Support 1 - Rs 68,200, Support 2 - Rs 67,700, Resistance 1 - Rs 69,100, Resistance 2 - Rs 69,500."
