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Gold, Silver Rates Surge On Safe-Haven Buying

Gold Price Today: Gold, Silver Rates Surge On Safe-Haven Buying

Domestic spot gold with a purity of 24 carats opened at Rs 54,280 per 10 grams.

Gold Price In India: Gold and silver futures moved higher on Wednesday, March 9, taking cues from the international rates. On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen 0.32 per cent up at Rs 54,400, compared to the previous close of Rs 54,224. Silver futures, due for a May 5 delivery, were last seen 1.05 per cent higher at Rs 72,136 against the previous close of Rs 71,385.

Domestic spot gold with a purity of 24 carats opened at Rs 54,280 per 10 grams on Wednesday, and silver at Rs 71,878 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

Foreign Exchange Rates:

Globally, gold held ground after rising to a 19-month peak in the last session, as a stronger dollar and higher Treasury yields countered support from safe-haven demand stemming from the Ukraine crisis. Spot gold was flat at $2,053.99 per ounce, after climbing to $2,069.89 in the previous session, a whisker away from its record $2,072.49 scaled in August 2020. U.S. gold futures rose 0.9 per cent to $2,061.40.

Analyst View:

Ravi Singh, Vice-President and Head of Research, ShareIndia: “The war has increased the safe-haven demand for gold, while investors have become more risk-averse and have continued selling equities. Gold prices are making new highs day by day and the inflation fears have added more fuel to its rally.”

He suggested, “Buy Zone near – Rs 54,000 for the target of Rs 54,500. Sell Zone below – Rs 53,800 for the target of Rs 53,500.”

Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “Market are very volatile nowadays due to Russia Ukraine crisis. So small traders should avoid trade for some more days. As per the technical chart, gold and silver charts are showing some profit-booking and trading at overbought zone. Anytime we can see huge profit-booking in bullions. Momentum indicator RSI also indicated the same in hourly as well as the daily chart. So only risky traders are advised to create fresh short positions near given resistance levels. They should focus important technical levels given for the day: April Gold closing price Rs 54,224, Support 1 – Rs 54,000, Support 2 – Rs 53,000,  Resistance 1 – Rs 55,000, Resistance 2 – Rs 55,555. May Silver closing price Rs 71,385, Support 1 – Rs 71,000, Support 2 – Rs 69,600, Resistance 1 – Rs 73,200, Resistance 2 – Rs 73,700.”

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