NEW DELHI: Gold prices pulled back after a nearly 3 per cent rise in the previous session, snapping a rally that took it near the August 2020 all-time highs. The yellow metal witnessed selling on easing worries over the Russia-Ukraine conflict with signs of a possible diplomatic solution.
Gold futures on MCX were trading lower by 0.52 per cent or Rs 276 at Rs 52,469 per 10 grams. Silver futures were trading down by 0.68 per cent or Rs 475 at Rs 69,100 per kg.
Ravi Singh, Vice President and Head of Research, ShareIndia said, “Gold prices witnessed its biggest fall this week as the Ukraine President said he is open to ‘compromise’ on the status of two breakaway pro-Russian territories that Putin recognized as independent.”
In the spot market, the highest purity gold was sold at Rs 53,141 per 10 grams while silver was priced at Rs 70,834 per kg on Wednesday, according to the Indian Bullion and Jewellers Association.
The spot prices of gold have jumped as much as 1,750 per 10 grams in the last one month, whereas silver has surged more than Rs 3,700 per kg from the prices during the period under review.
Trading strategy
“We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1,950 and resistance at $2,000 per ounce. MCX Gold April support lies at Rs 51,200 and resistance at Rs 52,900 per 10 gram,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Global markets
Spot gold was down 0.8 per cent at $1,975.69 per ounce, as of 0139 GMT, after prices slumped 1 per cent earlier in the session. US gold futures were down 0.5 per cent to $1,978.80.
Spot silver shed 0.9 per cent to $25.49 per ounce, while platinum fell 1.1 per cent to $1,065.14. Palladium slipped 1.1 per cent to $2,904.04 per ounce.