Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India fell on Friday, even as rates in the international market rose. On Multi Commodity Exchange, gold April futures tanked Rs 530 or 1.03 per cent to Rs 51,014 per 10 grams, as against the previous close of Rs 51,543. Silver May futures were seen ruling at Rs 65,725 per kg, down Rs 1,173 or 1.75 per cent. Globally, yellow metal prices rose, steadying after a volatile session, as investors reassessed the situation surrounding Russia’s invasion of Ukraine and fresh sanctions against Moscow from the West, according to Reuters. Spot gold rose 0.3% to $1,909.06 per ounce, while US gold futures fell 0.8% to $1,910.70.
Tapan Patel, Senior Analyst — Commodities, HDFC Securities
Gold prices traded firm on Friday with spot gold prices at COMEX were trading 0.46% up near $1912 per ounce in the morning trade. MCX Gold April futures opened lower near Rs. 51035 per 10 gram. pressured by a stronger rupee. Gold prices declined from 17 months high after Russia invaded Ukraine and the US imposed sanctions on Russia which investors are considering weaker than expected. However prices are still holding support range at $1870 per ounce eyeing US FOMC stance in March. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1870 and resistance at $1970 per ounce. MCX Gold April support lies at Rs. 50800 and resistance at Rs. 51800 per 10 gram.
Anuj Gupta, Vice President, IIFL Securities
Yesterday Mcx Gold prices increased sharply 2.31% and closed at 51543 levels, however it touched the high of 52797 levels in intraday. In the spot market it touched the $1974.30 levels which was 17 month’s high levels. Safe haven demand due to war between Russia and Ukraine and crude oil prices touching $105 levels provide support to yellow metals.For intraday traders we are recommending buy gold around 50800 to 50900 levels with the stoploss of 50450 for the target of 51800 – 52000 levels. Again spot gold may test $1950 to $1980 levels soon.
Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services
Gold price witnessed an up move of almost $70 in a day and later eased from top erasing most of the gains. Russia-Ukraine tensions continue to play a major factor in geopolitical risk; Russia “officially” invaded Ukraine; continuous updates regarding the strikes and attacks increased distress in the market. On top of that, US & allies also responded with more sanctions to punish Russia via “economic damage”. Although, markets were expecting stricter sanctions which includes the removal of Russia from the SWIFT financial messaging system. On the other hand, after this chaos witnessed in the 1st half of the session, U.S. reported a better than expected GDP which shifted the market’s focus towards the important Fed’s policy meet scheduled next month. Few fed officials in their speech mentioned the risk of geo-political tensions which could hamper the monetary policy decision although investors have been discounting an aggressive rate hike action. Cautious approach is advised as further updates in the geo-political tensions could further increase volatility in the market. Broader trend on COMEX could be in the range of $1900-1940 and on domestic front prices could hover in the range of Rs 50,500- 51,600.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades modestly lower near $1915/oz retreating further from Sept.2020 highs set in previous session. Gold has come off the highs as risk sentiment stabilized as market players assessed impact of sanctions by US and other western countries in response to Russia’s attack on Ukraine. Retreat in crude oil and other commodity prices from recent highs also eased gold’s appeal as an inflation hedge. Gold has come off the highs however with prospect of increased tensions between Russia and world leaders, risk sentiment may remain weak and this may keep gold supported.
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