Gold and silver fell in the Indian markets today after selling in the previous session. Gold futures down 0.35% on MCX 52,570 per 10 grams while silver fell 0.8% 69,039 per kg. Gold had fallen in the last session 1,500 per 10 grams while silver approx. 2000 per kg. Gold had registered a fall on Wednesday 55,200 at intraday high. In global markets, gold extended losses today as risk sentiment improved following signs that Ukraine Was ready for a diplomatic solution with Russia.
In global markets, spot gold fell 0.5% to $1,982.31, the highest since January 2021, after falling 2.9% on Wednesday. The price reached $2,070.44 on Tuesday, which is $5 less than the all-time high in August 2020. Equities also showed strength today, though analysts warned that the rally could see a sharp turnaround as risks remain.
Oil prices also showed some improvement in the previous session, falling more than 12%, as the United Arab Emirates pledged to support growth in oil production to cushion the devastation in energy markets.
Russian Foreign Minister Sergei Lavrov arrived in Turkey today ahead of planned talks with his Ukrainian counterpart Dmitry Kuleba in what will be the first meeting between the two since Russia invaded Ukraine two weeks ago.
“Global equity markets showed solid strength and gains were taken in safe-haven assets. The dollar index also lost over 1 per cent. However, global inflation concerns, geopolitical tensions and lower growth prospects may support the precious metals at lower levels,” said Rahul Kalantri, VP Commodities, Mehta Equities.
“we expect Sleep In today’s session, its key support level is $ 1880 per troy ounce and silver can also remain at $ 24.80 per troy ounce. Gold’s support is at $1962-1942, while resistance is at $2000-2021 per troy ounce. Silver has support at $25.48-24.92, while resistance lies at $26.10-26.56 per troy ounce. Gold has support in rupee terms 51,780–50,910, while resistance is at 53,415–54,084. support for silver 68,380- 67,050 while resistance is at 72,174–73,890,” he said.
(with agency input)
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!