Gold price in India: Gold and silver futures traded higher on Thursday, March 24 amid a volatile session. On the Multi Commodity Exchange (MCX), gold futures, which are payable for a delivery on April 5, were last seen at 0.17 percent to Rs 51,854, compared to the previous close of Rs 51,767. Silver futures, payable for a May 5 delivery, were last seen 0.10 percent higher at Rs 68,335 compared to the previous close of Rs 68,284.
Domestic spot gold with a purity of 24 carats opened today at Rs 51,777 per 10 grams, and silver at Rs 67,770 per kilogram – both rates excluding GST (tax on goods and services), according to the Mumbai-based industry body India Bullion and Jewelers Association (IBJA).
Foreign Exchange Rates:
Globally, gold prices were in a series-bound trade today as markets were wary of the Russia-Ukraine conflict and ahead of U.S. inflation data that could provide fresh clues about the policy position of the U.S. Federal Reserve. Spot gold fell 0.2 percent to $ 1,939.93 an ounce. US gold futures rose 0.2 percent to $ 1,941.10.
Ravi Singh, Vice President and Head of Research, ShareIndia: “Gold prices are expected to perform better even after the current war tensions have subsided due to the aftermath of war – higher commodity prices and rising inflation. The world will see a kind of recession zone where gold will be the preferred asset above all else.”
He suggested: “Buy Zone near – Rs 51,600 for the target of Rs 51,900. Sell Zone below – Rs 51,500 for the target of Rs 51,300.”
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “The market is very volatile these days due to the Russia-Ukraine crisis. As per the technical chart, gold and silver are now showing some strength and are ready for a withdrawal rally. Momentum indicator RSI also quoted the same in hourly as well as daily chart.Traders are therefore advised to create new buying positions near given support levels.They should focus on key technical levels given below for the day: April Gold closing price Rs 51,767, Support 1 – Rs 51,600, Support 2 “Rs 51,400, Resistance 1 – Rs 52,100, Resistance 2 – Rs 52,600. With Silver closing price Rs 68,264, Support 1 – Rs 68,000, Support 2 – Rs 67,600, Resistance 1 – Rs 68,500, Resistance 2, – Rs 006.”