Gold and silver prices fell today in Indian markets tracking softer global rates. On MCX, gold futures fell 0.3% to Rs 52,712 per 10 gram while silver dropped 0.6% to Rs 69970 per kg. Gold prices drop today, down Rs 3,000 per 10 grams in just 4 days.
Gold rates had jumped to Rs 55,558 last week, closer to all-time highs of Rs 56,200, hit in August 2020. In global markets, gold rates fell today as US Treasury yields rose on rate hike expectations. Another round of talks between Ukraine and Russia will be held today as international efforts to solve the crisis through diplomacy gathered momentum.
Spot gold fell 0.7% to $1,971.77 per ounce. “Domestic gold prices could start weaker this early Monday morning, tracking overseas prices. Technically, if MCX Gold April trades below Rs 53,000 level it could witness a bearish momentum up to Rs 52,500-52,300 levels. Resistance is at Rs 53,000-53,200 levels,” it added.
“The war between Russia and Ukraine is impacting commodities prices worldwide. The sanctions against Russia has added fuel to the concerns and hit the gold prices. Fears of stagflation also started to creep in, due to high commodity prices impacting inflation and slowing growth.
Buy Zone Near – Rs 52,700 for the target of Rs 53,000. Sell Zone Below Rs 52,500 for the target of Rs 52,300,” said Dr. Ravi Singh, vice president and head of research, ShareIndia. “International silver spot and COMEX futures have started weaker this early Monday morning in Asian trade.
Technically, if LBMA Silver trades below $25.90 it could witness sideways to marginal downside momentum up to $25.48-$25.00 levels. Resistance at $25.80-$26.10 levels. Domestic silver prices could start weaker this early Monday morning, tracking overseas prices.
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Technically, if MCX Silver May trades below Rs 70,500 level it could witness bearish momentum up to Rs 69,300-68,700 levels. Resistance is at Rs 70,500-71,100 levels,” Reliance Securities added.
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