Business

Gold price today: Gold, silver prices improve on global cues

March 17, 2022
Bharat Times

Domestic spot gold of 24 carat purity opened at Rs 51,372 per 10 grams.

Gold Price in India: Taking cues from international spot rates, gold and silver futures rose on Thursday, March 17. On the Multi Commodity Exchange (MCX), gold futures, due for delivery on April 5, were last seen trading up 0.62 per cent at Rs 51,465 as compared to the previous close of Rs 51,147. Silver futures, which had delivery on May 5, last closed 1.39 per cent higher at Rs 68,238 against the previous close of Rs 67,304.

According to Mumbai-based industry body India Bullion and Jewelers Association, domestic spot gold of 24 carat purity opened on Thursday at Rs 51,372 per 10 grams and silver at Rs 67,665 per kg – both rates excluding GST (goods and services tax). (IBJA).

Foreign exchange rate:

Safe-haven gold rebounded after falling to its lowest level in more than two weeks in the first half of the session. Spot gold rose 0.5 per cent to $1,926.57 an ounce, while US gold futures fell 1.02 per cent to $1,908.90 an ounce.

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Ravi Singh, Vice President and Head of Research, ShareIndia: “US Treasury yields were hit higher as the Fed hiked interest rates for the first time in three years, making gold less attractive to investors. Gold saw some selling pressure this week with immediate support at Rs 50,700. Can get it.”

He suggests, “Buy above zone – Rs 51,400 with target of Rs 51,600. Sell below – Rs 51,000 target of Rs 50,700.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Limited: “Market is very volatile nowadays due to Russia-Ukraine crisis. As per technical charts, Gold and Silver are showing some profit-booking and forming tops. Profit-booking may continue in bullion at higher levels. Momentum indicator RSI The same is also quoted in the hourly as well as the daily charts. Therefore risky traders are advised to create new short positions near the given resistance levels. They should focus on the below mentioned important technical levels for the day : April Gold closing price Rs 51,147, Support 1 – Rs 51,000, Support 2 – Rs 50,700 Resistance 1 Rs 51,600 Resistance 2 Rs 51,800 Silver closing price Rs 67304 support 1 67,000 support 2 Rs 66400 , Resistance 1 – Rs 68,200, Resistance 2 – Rs 69,300.