Gold Price In India: Gold and silver futures rebounded on Thursday, March 17, taking cues from the international spot rates. On the Multi Commodity Exchange (MCX), gold futures, due for an April 5 delivery, were last seen 0.62 per cent up at Rs 51,465, compared to the previous close of Rs 51,147. Silver futures, due for a May 5 delivery, were last seen 1.39 per cent higher at Rs 68,238 against the previous close of Rs 67,304.
Domestic spot gold with a purity of 24 carats opened at Rs 51,372 per 10 grams on Thursday, and silver at Rs 67,665 per kilogram – both rates excluding GST (goods and services tax), according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
— IBJA (@IBJA1919) March 17, 2022
Foreign Exchange Rates:
Safe-haven gold rebounded after falling to more than a two-week low earlier in the session. Spot gold added 0.5 per cent to $1,926.57 an ounce, while U.S. gold futures fell 1.02 per cent to $1,908.90 an ounce.
Ravi Singh, Vice-President and Head of Research, ShareIndia: “The U.S. Treasury yields hit higher as Fed increases the interest rate first time after 3 years, which makes gold less attractive for the investors. The gold may see some selling pressure this week with an immediate support near Rs 50,700 levels.”
He suggested, “Buy Zone above – Rs 51,400 for the target of Rs 51,600. Sell Zone below – Rs 51,000 for the target of Rs 50,700.”
Amit Khare, AVP – Research Commodities, Ganganagar Commodity Ltd: “Market are very volatile nowadays due to Russia-Ukraine crisis. As per the technical chart, gold and silver are showing some profit-booking and making a top. Profit-booking may continue in bullions at the higher side. Momentum indicator RSI also cited the same in hourly as well as daily charts. So risky traders are advised to create fresh short positions near given resistance levels. They should focus important technical levels given below for the day: April Gold closing price Rs 51,147, Support 1 – Rs 51,000, Support 2 – Rs 50,700, Resistance 1 – Rs 51,600, Resistance 2 – Rs 51,800. May Silver closing price Rs 67,304, Support 1 – Rs 67,000, Support 2 – Rs 66,400, Resistance 1 – Rs 68,200, Resistance 2 – Rs 69,300.”