Gold, Silver Prices Climb On Safe-Haven Bids
Gold and silver futures surged on Friday, taking cues from the international spot rates. On the Multi Commodity Exchange (MCX), gold futures, due for a June 3 delivery, were last seen 0.22 per cent up at Rs 50,656, compared to the previous close of Rs 50,544. Silver futures, due for a July 5 delivery, were last seen 0.43 per cent higher at Rs 61,830 against the previous close of Rs 61,564.
Domestic spot gold with a purity of 24 carats opened at Rs 51,012 per 10 grams today, and silver at Rs 61,855 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 20/05/2022#IBJA pic.twitter.com/4Ba3PuIJ9S
May 20, 2022Foreign Exchange Rates:
Gold prices firmed today as the U.S. dollar's pullback from two-decade highs and mounting concerns over U.S. economic growth revived demand for safe-haven bullion. Spot gold was up 0.27 per cent at $1,846.70 per ounce. U.S. gold futures edged 0.1 per cent higher to $1,844.30.
As bullion yields no interest, it can become less attractive to investors when short-term U.S. interest rates are hiked. Gold, however, seen as a safe store of value during times of economic crises.
Analyst View:
Ravi Singh, Vice President and Head of Research, ShareIndia: "Gold prices are witnessing indecisiveness as growth worries, geopolitical uncertainty and spiralling inflation are pulling it up whereas firm U.S. dollar and upside in bond yield are eroding gold's sheen. Investors are not able to decide whether to buy on dips or short on highs. The indecisiveness in gold may remain for some time.
He suggested, "Buy Zone above - Rs 50,650 for the target of Rs 50,900. Buy Zone below - Rs 50,350 for the target of Rs 50,100."
Amit Khare, AVP - Research Commodities, Ganganagar Commodity Ltd: "As per the technical chart, gold and silver are making bottom. We can see a huge short-covering rally in the coming future. Momentum indicator RSI also cited the same in hourly as well as the 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: June Gold closing price Rs 50,544, Support 1 - Rs 50,400, Support 2 - Rs 50,200, Â Resistance 1 - Rs 50,750, Resistance 2 - Rs 50,950. July Silver closing price Rs 61,564, Support 1 - Rs 61,100, Support 2 - Rs 60,600, Resistance 1 - Rs 62,000, Resistance 2 - Rs 62,500."
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