stability in gold and silver prices; Are there shopping opportunities in Haven?

Currently on MCX Sleep Futures maturing on 3rd June is trading 51953 down 213 or 0.41%. While silver futures maturing on May 5 recorded a fall. 270 or 0.40% and were trading at 67217.

However, the yellow metal and silver prices remained higher at jewelers’ outlets in India. The price of 10 grams of gold in 22 carats is 48,100 up 450, while 100g is available in the same carat over 4,81,000 4,500 from the previous day. Meanwhile, 10 grams have a price of 24 carats and 100 grams 52,470 and up by 5,24,700 490 more 4,900 as against the previous day. For silver, the cost of 1 kg is 67,600 up 800 in India as compared to the previous day.

In the international market, spot gold remained stable near $1,935. So far in March, the bullion has gained 1.8%.

Putin is demanding that foreign buyers pay in rubles or cut their supplies for Russian gas from Friday, a move rejected by European capitals and Germany that amounted to “blackmail”, according to a Reuters report. . Europe is facing the prospect of losing more than a third of its gas supply by a Russian presidential order. Germany, most dependent on Russia, has already activated an emergency plan that could lead to rationing of Europe’s largest economy.

In the interbank forex market, the dollar extended its gains against a basket of other currencies ahead of the US jobs report, which is seen to provide some clarity on the Federal Reserve’s aggressive outlook for rate hikes in the near term. The US March job report is due to be announced later today.

Geopolitical tensions and rising inflation are playing in favor of safe havens. The US currency was backed by an influx of safe havens as Russia and Ukraine’s peace talks are once again under threat without any clarity.

IIFL Securities in its Commodity Mantra report on Friday said gold held steady on Thursday as the safe-haven metal’s appeal was lifted by concerns over Russia-Ukraine conflict and sky-high inflation.

In its technical outlook, IIFL Securities report said, “Gold prices are likely to provide fresh buying opportunities near the 55-period EMA on the hourly chart. Daily RSI crossed 50-mark. , while MACD histogram is printing red. With an upward sloping trajectory. Intraday support is at 51800/51500, resistance at 52400/52700.”

For silver, IIFL Securities report said, “Silver prices managed to break below the 21-day EMA. Short term momentum has turned sideways as Fast Stochastic generated a crossover buy signal. Need to move above yesterday’s high to confirm buy. Scenario. Intraday support is at 67000/66500, resistance at 67900/68300.”