Domestic spot gold with a purity of 24 karats opened at Rs 51,567 per 10 grams.
Gold price in India: Gold and silver futures rose on Wednesday, March 2 in highly volatile trading. On the Multi Commodity Exchange (MCX), gold futures, due to be delivered on April 5, were last seen 0.05 percent higher at Rs 51,840, compared to the previous close of Rs 51,816. Silver futures, scheduled for delivery on March 4, were last up 0.13% at Rs 67,084 from the previous close of Rs 66,999.
Domestic spot gold of 24-carat purity opened Wednesday for Rs 51,567 per 10 grams and silver for Rs 67,030 per kilogram – both rates excluding GST (goods and services tax), according to the Mumbai-based industry association India Bullion and Jewelers Association (IBJA).
Analyst View:
Ravi Singh, Vice President and Head of Research, ShareIndia, said: “Ongoing tension between Russia and Ukraine is running high for gold and crude oil prices. The US and the European Union have imposed sanctions on Russia’s largest banks and its elite, frozen the assets of the country’s central bank that are outside the country and excluded its financial institutions from the SWIFT banking messaging system – but allowed the oil and natural gas to flow freely to the rest of the world flow. bullish trend until the situation stabilizes.”
He suggested, “Buy Zone close by – Rs 51,650 for the target of Rs 51,900. Sell Zone below – Rs 51,500 for the target of Rs 51,300.”
Rahul Kalantri, VP Commodities, Mehta Equities Ltd, noted, “Gold and silver gained thanks to the appeal of wartime safe havens.” US stock markets plunged again, supporting safe-haven buying of precious metals. We expect gold and silver prices to remain positive and any price drop would be an opportunity to buy at lower levels.”
He went on to say, “Gold (worldwide) could test $1,970 per troy ounce and Silver could also test $26.20 per troy ounce in the coming sessions. Gold has support at $1,922-1908, while resistance at $1,955- 1,970 per troy ounce Silver has support at $25.20-24.84 while resistance is $25.88-26.20 per troy ounce In the domestic market, yellow metal has support at Rs 51,358 – 50,900 while the resistance is at Rs 52.075 – 52.334. And silver has support at Rs 66.983 – 65.786 while resistance is at Rs 68,913 – 69,646.”
