Gold Price Today: Gold Price Today: Yellow metal falls slightly; Silver holds Rs 63,500
Gold futures on MCX were trading flat, down 0.03 per cent or Rs 13 at Rs 50,099 per 10 grams. Silver futures were trading down 0.45 per cent or Rs 287 at Rs 63,615 per kg.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities said risk sentiment stabilized somewhat as the US and Russia agreed to hold talks on Ukraine, however tensions reigned as the US claimed that a Russian attack could come soon.
“Among other factors, mixed comments from Fed officials have also kept gold prices jittery,” he added. “Gold may remain volatile as market participants react to developments regarding Russia. However, the overall bias could be to the upside as tensions are unlikely to abate anytime soon.”
Buyers in major Asian hubs put off buying physical gold last week amid a price rally amid escalating tensions between Russia and Ukraine, pushing Indian traders to offer their biggest discounts in nearly seven months.
According to the Indian Bullion and Jewelers Association, the highest purity spot market gold was selling for 49,972 rupees per 10 grams, while silver was trading at 63,507 rupees per kg on Friday.
Gold prices are recovering for the third week as ongoing tensions between Russia and Ukraine weigh on investor confidence, said Ravi Singh, ShareIndia’s vice president and head of research.
“Another shift in risk appetite could lead to higher gold prices as gold bullion outperforms other precious metals. Rising inflation could lead to higher gold prices ahead of the Fed’s next rate decision,” he added.
“We expect gold prices to trade sideways and rise for the day with COMEX spot gold support at $1,880 and resistance at $1,910 an ounce. MCX Gold April support stands at 49,800 rupees and resistance at 50,500 rupees per 10 grams,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Spot gold fell 0.2 percent to $1,893.80 an ounce by 0139 GMT, declining from $1,908.02 — the highest since June 3 hit earlier in the session. US gold futures remained steady at $1,898.60.
Spot silver fell 0.7 percent to $23.79 an ounce, platinum was up 0.3 percent to $1,070.29 and palladium was flat at $2,346.80.