Gold price in India remained flat on Wednesday amid Russia-Ukraine war. On the Multi Commodity Exchange, gold price future slightly dropped 0.07 per cent to Rs 51,780 for 10 grams at 1015 hours on March 2, 2022. Silver, however, saw a sharp drop in prices on Wednesday. The precious metal future tumbled by 0.53 per cent to Rs 67,918 for a kilogram on Wednesday.
Spot gold was down 0.4 per cent to $1,935.84 per ounce. US gold futures fell 0.3 per cent to $1,938.50, according to Reuters. The dollar index held close to a 20-month high touched on Tuesday. Bond yields have fallen as prices have recovered on safe-haven flows. Some investors reduced their expectations about aggressive tightening from central banks due to the crisis in Eastern Europe also supported prices. Investors are keenly waiting for Federal Reserve chairman Jerome Powell’s testimony before the US Congress for more clarity on interest rate hikes amid Russia-Ukraine war and rising inflation concern.
Gold Price Future: Know What Analysts Say
“International gold spot and COMEX futures have started weaker this Wednesday morning in Asian trade as investors booked some profits ahead of Fed Chairman’s testimony tonight. Technically, if COMEX Gold April trades above $1933.13 level it could continue its bullish momentum up to the resistance zone at $1963.27-$1982.73. A trade below could pull prices to the support zone at $1913.67-$1883.53. Domestic gold prices could flat to weaker this early Wednesday morning, tracking overseas prices. Technically, if MCX Gold April trades below 51620 level it could continue its bullish momentum up to the resistance zone at Rs 52,075-52,335. A trade below could pull prices to the support zone at Rs 51,360-50,900,” said Sriram Iyer, senior research Analyst at Reliance Securities.
“The ongoing tension between Russia and Ukraine is riding high for gold and crude oil prices. The US and EU have levied sanctions on Russia’s biggest banks and its elite, frozen the assets of the country’s Central Bank located outside the country, and excluded its financial institutions from the SWIFT bank messaging system – but have largely allowed its oil and natural gas to continue to flow freely to the rest of the world. Gold may continue to be in bullish trend till the situation stabilizes. Buy Zone Near – Rs 51,650 for the target of Rs 51,900. Sell Zone Below – Rs 51,500 for the target of Rs 51,300,” said Ravi Singh, Vice President and Head of Research, ShareIndia.
Silver Price Outlook
“International silver spot and COMEX futures have started weaker this Wednesday morning in Asian trade. Technically, if COMEX Silver May trades above $25.180 level it could continue its bullish momentum up to the resistance zone at $26.015-26.485. A trade below could pull prices to the support zone at $24.705-23.875,” Iyer said.
“Domestic silver prices flat to weaker this early Wednesday morning, tracking overseas prices. Technically, if MCX Silver May trades below 67715 level it could continue its bullish momentum up to the resistance zone at 68915-Rs 69,645. A trade below could pull prices to the support zone at Rs 66,985-65,785,” he further mentioned.
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