Gold and silver declined in the Indian markets in view of the softening of global rates. Gold fell on MCX 52,050 per 10 grams, while silver declined after three days of uptrend. 66,960 per kg. Gold prices eased in the international markets today but limited losses amid fresh concerns over Russia’s attacks in eastern Ukraine. Spot gold was down 0.2% at $1,942.93 an ounce.
,Sleep The pressure is put on by a stronger US dollar and higher bond yields as Fed officials express support for faster monetary tightening to bring inflation under control. However, there are concerns about the health of the Chinese economy amid rising virus cases and gloomy economic data, the ongoing Russia-Ukraine battle and inflation concerns remain. ETF investors went sideways while waiting for a new trigger. Gold is stuck in a range and this may continue till there are fresh triggers, but with persistent geopolitical risks, prices may find support,” said Ravindra Rao, VP- Head Commodity Research, Kotak Securities. he said.
The US dollar index was stable at 99.880 on Friday after hitting the top 100 for the first time in nearly two years. A strong dollar makes gold less attractive to other currency holders. Also, the 10-year US yield reached 2.73% on Friday, the highest in three years.
“Gold market sentiment remains positive as bond yields continue to strengthen as the precious metal continues to strengthen as the Federal Reserve looks to aggressively tighten its monetary policy through 2022. Gold ranges between $1,900 and $1,950 an ounce. has managed to consolidate while silver is held in the range of $24 and $25.65. While we are yet to see any breakout, we expect the price to continue testing the top end of the range. And Silver We are seeing safe haven demand amid fears of Russia-Ukraine conflict, slowing global growth prospects and rising global inflation,” said Rahul Kalantri, VP Commodities, Mehta Equities.
“Gold has support at $1928-1912, while resistance at $1951-1962. Silver has support at $24.55- 24.40, while resistance is at $25.05-25.30. Gold has support in rupee terms 51,780–51,550, while resistance is at 52,340-52,510. support for silver 66540- 66,220 while resistance is at 67,690-68050,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
Gold traders will keep a close watch on the developments in the Ukraine crisis as the Austrian Chancellor is due to meet President Vladimir Putin in Moscow today. Ukraine expects Russian forces to increase their offensive in the country’s eastern part this week.
Among other precious metals, spot silver was up at $24.75 an ounce and platinum rose 0.7% to $981.41. (with agency input)
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